Newark Real Estate Market Overview
Public School Ranking:
Selling a House in Newark
For residents of Newark interested in selling their home, December is named the ultimate time to begin doing so. The city's average number of days taken to sell a home is 166.75, and the median home value is $285,028. In some cases, people don’t need to sell within a specific amount of time. For others, 166 days could negatively impact finances or job opportunity, for example. If you’re in need of an expedited sale, consider using an iBuyer. While you may lose minimal profit on the sale of your home, the efficiency of the process proves to be worth the small price. For those who may be interested, Information regarding iBuyers and their selling process can be found online.
Location and Weather
Newark is in Essex County of northeastern New Jersey. The city lies on the west bank of the Passaic River, and is 8 miles west of lower Manhattan Island. Close to the border of New York, Newark offers attractions like the New Jersey Performing Arts Center, the Prudential Center and the Cathedral Basilica of the Sacred Heart. Branch Brook Park is also a favorite of the Newark residents who enjoy out-door recreation. Other landmarks include the Newark Museum, the Newark Penn Station and the St. Lucy’s Church. Traveling through the city to visit some of these attractions is easy with Newark's AirTran transportation system.
Newark weather is partly cloudy year-round and has warm, humid summers with cold, wet winters. The summer temperatures are in the mid-80’s, with lows in the 70’s. Winter temperatures are in the low 40’s, with highs in the mid-20’s.
Population, Job Market and Cost of Living
Newark’s population in 2019 was 282,803, with a growth rate of 3.08%. The job growth has increased by -0.73% over the last year and in ten years, is predicted to have increased by 18.09%. The major industries are healthcare, social assistance, transportation, warehousing and construction. The biggest companies to work for are Prudential Financial, Panasonic Corporation of North America, Public Service Enterprise Group, Newark Public Schools and Gateway Group One. 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.