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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 281,764, 94,158 total housing units (homes and apartments), and a median house value of $258,889, 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 47.50% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments ( 34.43%), single-family detached homes ( 10.32%), and a few row houses and other attached homes ( 7.65%). 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. 79.27% 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 36.24% of the city's housing hails from this era. Other housing ages represented in Newark include homes built before 1939 ( 25.77%) and housing constructed between 1970-1999 ( 23.50%). There's also some housing in Newark built between 2000 and later ( 14.50%).
Vacant housing appears to be an issue in Newark. Fully 15.06% 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'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 -0.50%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Newark's appreciation rate, at 6.40%, has been at or slightly above the national average. In the latest quarter, Newark's appreciation rate has been 1.49%, which annualizes to a rate of 6.07%.
Relative to New Jersey, our data show that Newark's latest annual appreciation rate is higher than 60% 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.
|$850,001 - $1,133,000||0.2|
|$567,001 - $850,000||1.6|
|$454,001 - $567,000||5.0|
|$340,001 - $454,000||17.8|
|$227,001 - $340,000||33.9|
|$113,001 - $227,000||32.0|
|$57,001 - $113,000||4.0|
|$0 - $57,000||4.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
2000 Q1 - 2018 Q2
|* 10 is highest|
|AGE OF Newark HOMES|
|2000 or Newer||14.5|
|1970 - 1999||23.5|
|1940 - 1969||36.2|
|1939 or Older||25.8|
|TYPE OF Newark HOMES|
|Small Apt. Buildings||47.5|
|SIZE OF Newark HOMES|
|5 or more bedrooms||2.79|