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 9,019, 3,780 total housing units (homes and apartments), and a median house value of $229,549, 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 58.60% of the village's housing units. Other types of housing that are prevalent in Newark include duplexes, homes converted to apartments or other small apartment buildings ( 24.36%), large apartment complexes or high rise apartments ( 12.72%), and a few row houses and other attached homes ( 3.26%).
The most prevalent building size and type in Newark are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 54.55% owning and 45.45% renting.
The housing in Newark was primarily built before 1939 ( 39.51%), making the housing stock in Newark some of the oldest overall in America, although there is a range of ages of homes in Newark. The next most important housing age is between 1940-1969 ( 32.33%), followed by between 1970-1999 ( 21.54%). There's also some housing in Newark built between 2000 and later ( 6.62%).
In the last 10 years, Newark has experienced some of the highest home appreciation rates of any community in the nation. Newark real estate appreciated 116.87% over the last ten years, which is an average annual home appreciation rate of 8.05%, putting Newark in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Newark definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 9.24%, which is higher than appreciation rates in 82.46% 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 5.43%, which equates to an annual appreciation rate of 23.57%.
Importantly, this makes Newark one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to New York, our data show that Newark's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.
$229,549
for New york
for nation
3,780
$1,654 / per month