Newark, NJ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Newark Housing Market Information

With a population of 282,011, 96,888 total housing units (homes and apartments), and a median house value of $272,297, Newark real estate prices are well above average cost compared to national prices.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Newark, accounting for 48.01% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments ( 33.36%), single-family detached homes ( 10.14%), and a few row houses and other attached homes ( 8.37%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Newark is dominated by renter-occupied one, two, or no bedrooms apartments. 78.42% of Newark's dwellings are rentals.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Newark's housing was primarily built during this period, from the '40s through the '60s. A full 34.11% of the city's housing hails from this era. Other housing ages represented in Newark include homes built before 1939 ( 26.55%) and housing constructed between 1970-1999 ( 24.38%). There's also some housing in Newark built between 2000 and later ( 14.97%).

Vacant housing appears to be an issue in Newark. Fully 14.05% of the housing stock is classified as vacant. Left unchecked, vacant Newark homes and apartments can be a drag on the real estate market, holding Newark real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Newark Home Appreciation Rates

Newark's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Newark during the period has been just 1.75%, which is lower than 70% of US communities.

Over the last year, Newark appreciation rates have trailed the rest of the nation. In the last twelve months, Newark's appreciation rate has been 3.19%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Newark were at 0.74%, which equates to an annual appreciation rate of 2.98%.

Notably, Newark's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Newark's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Newark differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Newark - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Newark real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$272,297

Newark, NJ HOME PRICES

> $1,182,000
0.4%
0.4%
$887,001 - $1,182,000
1.2%
1.2%
$591,001 - $887,000
3.1%
3.1%
$473,001 - $591,000
6.6%
6.6%
$355,001 - $473,000
16.3%
16.3%
$236,001 - $355,000
29.6%
29.6%
$118,001 - $236,000
35.1%
35.1%
$59,001 - $118,000
2.9%
2.9%
$0 - $59,000
5.0%
5.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for NJ

Value Relative To Nation

Number Of Homes And Apartments:
96,888

Newark Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
111.06% 3.67%
9
9
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,698 / per month

Homeownership Rate

Owners
21.6%
21.6%
Renters
78.4%
78.4%
Vacant
14.0%
14.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
15.0%
15.0%
1970 - 1999
24.4%
24.4%
1940 - 1969
34.1%
34.1%
1939 or Older
26.5%
26.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
10.1%
10.1%
Townhomes
8.4%
8.4%
Small Apt. Buildings
48.0%
48.0%
Apt. Complexes
33.4%
33.4%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.5%
5.5%
1 Bedroom
22.3%
22.3%
2 Bedrooms
33.7%
33.7%
3 Bedrooms
31.2%
31.2%
4 Bedrooms
4.6%
4.6%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES