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 50,029, 19,866 total housing units (homes and apartments), and a median house value of $141,467, 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 64.58% 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 ( 16.13%), large apartment complexes or high rise apartments ( 15.25%), and a few row houses and other attached homes ( 3.83%).
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 54.08% owning and 45.92% renting.
There is a lot of housing in Newark built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Newark built between 1940-1969 ( 33.47%). A lesser amount of the housing stock also hails from before 1939 ( 24.67%). There's also some housing in Newark built between 2000 and later ( 8.37%).
Vacant housing appears to be an issue in Newark. Fully 12.25% 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.
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 28.95%, which ranks in the top 50% nationwide. This equates to an annual average Newark house appreciation rate of 2.58%.
Appreciation rates are so strong in Newark that despite a nationwide downturn in the housing market, Newark real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Newark appreciation rates continue to be some of the highest in America, at 7.06%, which is higher than appreciation rates in 76.70% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Newark. Newark appreciation rates in the latest quarter were at 1.00%, which equates to an annual appreciation rate of 4.06%.
Relative to Ohio, our data show that Newark's latest annual appreciation rate is higher than 70% 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.
|$919,001 - $1,225,000||0.1|
|$613,001 - $919,000||0.5|
|$490,001 - $613,000||1.1|
|$367,001 - $490,000||3.0|
|$245,001 - $367,000||9.3|
|$123,001 - $245,000||45.9|
|$61,001 - $123,000||34.2|
|$0 - $61,000||5.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
2000 Q1 - 2020 Q1
|* 10 is highest|
|AGE OF Newark HOMES|
|2000 or Newer||8.4|
|1970 - 1999||33.5|
|1940 - 1969||33.5|
|1939 or Older||24.7|
|TYPE OF Newark HOMES|
|Small Apt. Buildings||16.1|
|SIZE OF Newark HOMES|
|5 or more bedrooms||2.08|