Newark, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Newark Neighborhoods Since 2000




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 Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Newark Housing Market Information

With a population of 281,944, 92,675 total housing units (homes and apartments), and a median house value of $256,724, 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 47.05% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments ( 34.03%), single-family detached homes ( 11.11%), and a few row houses and other attached homes ( 7.69%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Newark is dominated by renter-occupied one, two, or no bedrooms apartments. 79.38% 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 36.73% of the city's housing hails from this era. Other housing ages represented in Newark include homes built before 1939 ( 26.07%) and housing constructed between 1970-1999 ( 23.16%). There's also some housing in Newark built between 2000 and later ( 14.04%).

Vacant housing appears to be an issue in Newark. Fully 15.94% 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 -1.32%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Newark's appreciation rate, at 3.72%, has been at or slightly above the national average. In the latest quarter, Newark's appreciation rate has been 1.04%, which annualizes to a rate of 4.21%.

Relative to New Jersey, our data show that Newark's latest annual appreciation rate is higher 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

 

Median Home Value:
$256,724

Newark, NJ HOME PRICES

Value Range
> $1,109,000 0.5
$831,001 - $1,109,000 0.2
$554,001 - $831,000 2.1
$443,001 - $554,000 6.8
$332,001 - $443,000 18.5
$222,001 - $332,000 31.8
$111,001 - $222,000 32.6
$56,001 - $111,000 3.2
$0 - $56,000 4.3

Low for NJ
High for Nation

Value Relative to Nation Value Relative to State
22.4954622635986 76.8292682926829

Number Of Homes And Apartments:
92,675

Newark Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
87.58% 3.66% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,435 / per month

Homeownership Rate

Homeownership
Owners 20.62
Renters 79.38
Vacant 15.94

Housing Market Details

 

Age of Homes

AGE OF Newark HOMES
2000 or Newer 14.0
1970 - 1999 23.2
1940 - 1969 36.7
1939 or Older 26.1

Types of Homes

TYPE OF Newark HOMES
Single-Family 11.1
Townhomes 7.7
Small Apt. Buildings 47.1
Apt. Complexes 34.0
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Newark HOMES
No Bedroom 6.30
1 Bedroom 21.25
2 Bedrooms 34.93
3 Bedrooms 30.15
4 Bedrooms 4.68
5 or more bedrooms 2.69