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 about Scout's Real Estate Data
With a population of 305,344, 112,635 total housing units (homes and apartments), and a median house value of $437,250, 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 41.81% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments ( 34.87%), row houses and other attached homes ( 11.83%), and a few single-family detached homes ( 11.23%). 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. 77.12% 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 31.95% of the city's housing hails from this era. Other housing ages represented in Newark include homes built between 1970-1999 ( 28.16%) and housing constructed before 1939 ( 22.56%). There's also some housing in Newark built between 2000 and later ( 17.33%).
Real estate appreciation rates in Newark's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.02% during the period.
NeighborhoodScout's data show that during the latest twelve months, Newark's appreciation rate, at 4.82%, has been at or slightly above the national average. In the latest quarter, Newark's appreciation rate has been 0.41%, which annualizes to a rate of 1.65%.
Relative to New Jersey, our data show that Newark's latest annual appreciation rate is lower than 90% 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.
$437,250
for New jersey
for nation
112,635
$2,549 / per month