Newark, OH Real Estate Market

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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Newark, OH Housing Market Trends

With a population of 50,315, 19,518 total housing units (homes and apartments), and a median house value of $143,152, house prices in Newark are solidly below the national average.

Single-family detached homes are the single most common housing type in Newark, accounting for 64.83% of the city's housing units. Other types of housing that are prevalent in Newark include duplexes, homes converted to apartments or other small apartment buildings ( 15.76%), large apartment complexes or high rise apartments ( 15.25%), and a few row houses and other attached homes ( 3.68%).

The most prevalent building size and type in Newark are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.63% owning and 46.37% renting.

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 34.57% of the city's housing hails from this era. Other housing ages represented in Newark include homes built between 1970-1999 ( 31.80%) and housing constructed before 1939 ( 24.78%). There's also some housing in Newark built between 2000 and later ( 8.86%).

Vacant housing appears to be an issue in Newark. Fully 13.04% 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

Appreciation rates for homes in Newark have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 45.98%, which ranks in the top 40% nationwide. This equates to an annual average Newark house appreciation rate of 3.86%.

NeighborhoodScout's data show that during the latest twelve months, Newark's appreciation rate, at 6.82%, has been at or slightly above the national average. In the latest quarter, Newark's appreciation rate has been 1.90%, which annualizes to a rate of 7.82%.

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

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:
$143,152

Newark, OH HOME PRICES

> $1,236,000
0.0%
0.0%
$927,001 - $1,236,000
0.1%
0.1%
$618,001 - $927,000
0.6%
0.6%
$494,001 - $618,000
1.2%
1.2%
$371,001 - $494,000
3.0%
3.0%
$247,001 - $371,000
10.8%
10.8%
$124,001 - $247,000
45.6%
45.6%
$62,001 - $124,000
32.9%
32.9%
$0 - $62,000
5.8%
5.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
19,518

Newark Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
46.38% 1.81%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$952 / per month

Homeownership Rate

Owners
53.6%
53.6%
Renters
46.4%
46.4%
Vacant
13.0%
13.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.9%
8.9%
1970 - 1999
31.8%
31.8%
1940 - 1969
34.6%
34.6%
1939 or Older
24.8%
24.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.8%
64.8%
Townhomes
3.7%
3.7%
Small Apt. Buildings
15.8%
15.8%
Apt. Complexes
15.2%
15.2%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
13.1%
13.1%
2 Bedrooms
29.9%
29.9%
3 Bedrooms
38.7%
38.7%
4 Bedrooms
13.4%
13.4%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES