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Newark real estate market overview
- Average Monthly Rent: $1,382
- Home Price/Value Percentage Change: 8%
- Median Home Value: $381,990
- Best Time To Sell a Home: July
- Affordability Index: 123
- Days To Sell a House: 118
- 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 has a population of 321,872, with a growth rate of 1.08% annually.
The job market has decreased by -7.26% over the last year. In ten years, job growth is predicted to be 18.09%. Major industries in Newark include transportation, health care and social assistance, retail trade, educational services, manufacturing, and construction. Public Service Enterprise Group Incorporated employs the largest number of people in this city, creating revenue of almost 10 billion in 2019. Other large corporations here include Prudential Financial Inc., Horizon Blue Cross Blue Shield of NJ, and Quest Diagnostics.
Newark is an expensive city to live in when compared to the New Jersey and the US average.
Newark real estate market details
- North Ironbound
- Lower Vailsburg
- Forest Hill
- Upper Roseville
- North Broadway
- South Ironbound
The average monthly rent in Newark is $1,382 for an average apartment size of 710 sq. feet.
There has been an 8% increase in median home value over the last year. As of 2022, the median home value is $381,990.
On average, homes in Newark sell after 118 days on the market.
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 affordability index in Newark is 123. This number indicates low affordability in this city.
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.