Newark real estate market overview
- Average Monthly Rent: $1,419
- Home Price/Value Percentage Change: 8.20%
- Median Home Value: $392,257
- Best Time To Sell a Home: July
- Affordability Index: Low
- Days To Sell a House: 87
- Job Market: Weak
- Public School Ranking: 3
Location and weather
Newark is the largest city in New Jersey and the county seat of Essex County. It is one of the nation's major air, shipping, and rail hubs. Just 8 miles from Manhattan, this cultural and high-tech city is diverse and full of universities, headquarters to numerous corporations, and home to sports venues. Some of the local favourites here include the New Jersey Performing Arts Center, Branch Brook Park, Newark Museum, Newark Public Library and Military Park.
The weather in this city is described as unpredictable. It is mostly-cloudy year-round, with warm summers and snowy winters.
Population, job market and cost of living
Newark population in 2023 is 321,872, with a growth rate of 1.08% annually.
The job market has decreased by -0.7% over the last year. In ten years, job growth is predicted to be 18.09%. The major industries are healthcare, social assistance, transportation, warehousing and construction. The biggest companies to work for are Prudential Financial, Panasonic, The Prudential Insurance Company of America, Prudential Capital & Investment Services LLC and PSEG.
The cost of living is high, due to the Newark real estate market and cost of available housing. With its proximity to New York City, ease of transportation, abundance of attractions and tourist destinations, Newark is the perfect fit for someone who wants the benefits of an urban environment near a fast-paced city.
Newark real estate market details
- Upper Clinton Hill
- West Side
- Forrest Hill
- South Ironbound
There has been an 8.2% increase in median home value over the last year. As of 2023, the median home value is $392,257.
July has shown to be the best time to sell a home for the most amount of money and for the most efficient sale.
The top ranked public schools are Gray Charter School, Robert Treat Academy Charter School, North Star Academy Charter School of Newark, Technology High School, and Science High School. This information is supported by data measuring academic performance and equity.