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 305,344 people, 112,635 houses or apartments, and a median cost of homes of $473,719, 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 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. 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%).
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 88.44%, which ranks in the top 50% nationwide. This equates to an annual average Newark house appreciation rate of 6.54%.
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 8.88%, which is higher than appreciation rates in 79.91% 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 2.81%, which equates to an annual appreciation rate of 11.71%.
Relative to New Jersey, our data show that Newark's latest annual appreciation rate is lower than 80% 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.
$473,719
for New jersey
for nation
112,635
$2,680 / per month