Newark, NJ—07108
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Newark, NJ
As of Oct '25, the median home price in Newark, NJ is $499,000, with a year-over-year change of -2.9%. This indicates that home prices in Newark, NJ are decreasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $499,000 | -2.9% |
| Single Family | $500,000 | -2.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $484,000 | 1.7% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Newark, NJ
As of July '25, Rentcast reports the average rent in Newark, NJ is $2,340, with a year-over-year rent change of 1.7%. Per bedroom, the median rent as of July '25 in Newark, NJ is studios: $395, 1-bedrooms: $2,090, 2-bedrooms: $1,900, 3-bedrooms: $2,470, 4-bedrooms: $2,540. The most common rental property sizes in Newark, NJ are 3-bedroom and 1-bedroom, accounting for 35.3% and 28.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,340 |
| Studio Rent | $395 | $395 |
| 1 Bed Rent | $1,900 | $2,090 |
| 2 Bed Rent | $1,800 | $1,900 |
| 3 Bed Rent | $2,500 | $2,470 |
| 4 Bed Rent | $2,500 | $2,540 |
% of Rental Stock
Property Listings — Newark, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Newark, NJ is 48. This is a decrease of -19.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $405,000 | 4.0% |
Listing Count | 22 | 14.0% |
| Listings as % of Homes | 0.1% | 14.0% |
Days on Market | 48 | -19.0% |
Demographics — Newark, NJ
As of the latest ACS Survey released in 2023, Newark, NJ has a population of 28,300, which has increased by 28.4% over the past 5 years. Newark, NJ is a popular place for families, as children make up 30.4% of the population. The area has a poorly educated workforce, with 17.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,300 | 28.4% |
% Under 18 | 30.4% | 1.7% |
% Seniors | 9.8% | 2.1% |
% WFH | 5.1% | 218.7% |
% w/ College Degree | 17.0% | 41.7% |
As of the latest ACS Survey released in 2023, Newark, NJ is a predominantly black area, with 77.9% of the population identifying as black. The black population has shrunk by 8.8% in the last 5 years. The second most common race or ethnicity in Newark, NJ is hispanic, making up 19.0% of the population. Foreign-born residents account for 19.9% of the population in Newark, NJ, and this percentage has increased by 23.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 0.9% | -25.0% |
% Black | 77.9% | -8.8% |
% Hispanic | 19.0% | 42.9% |
% Asian | 0.7% | 133.3% |
% Foreign Born | 19.9% | 23.6% |
Mortgage and Risk — Newark, NJ
According to HUD data as of 2023, there were 143 mortgage originations in Newark, NJ, of which 52.0% of loans were conventional mortgages. The average loan-to-value was 79.0%, with 56.0% above 90% LTV (very high). This implies large mortgage risk in Newark, NJ. Investor activity is low, as 9.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 143 |
% Conventional Loans | 52.0% |
% Government Loans | 48.0% |
% Investor Loans | 9.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Newark, NJ
As of 2024, the percent of homes in Newark, NJ under the Section 8 program is 34.1%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Newark, NJ, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 4,072 |
Total Units Section 8 | 3,335 |
% Rentals under Section 8 | 34.1% |
% Occupied Section 8 | 90.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$340 | $1,900 | $1,560 |
| 2 Bedroom | $90 | $1,800 | $1,890 |
| 3 Bedroom | -$120 | $2,500 | $2,380 |
| 4 Bedroom | $210 | $2,500 | $2,710 |
Affordability — Newark, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 13.9 |
| Median Home Price | $499,000 |
| Median Household Income | $34,000 |