Is Newark, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Newark is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Newark was a Seller's Market.

Key Takeaway

Newark is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Newark, IL

How much do homes in Newark, IL cost?

Median Sold Price

$282,500

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$76,200(-21.2%)

Key Takeaway

Homes in Newark have sold for 21.2% less than they did a year ago.

Summary: The median home sold price in Newark was $282,500 in October 2024, down 21.2% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $168K$200K
+19.0%
3 $300K$278K
-7.3%
4 $492.5K$549K
+11.5%
5+ $440K$550K
+25.0%

Summary: Newark housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 19%, 3 bedroom homes decreased by 7.3%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes increased by 25%.

Housing Supply in Newark, IL

How many homes are available in Newark, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
912+33.3%

Summary: The Newark real estate market had 12 homes for sale in October 2024, a 33.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 11
0.0%
3 57
+40.0%
4 23
+50.0%
5+ 11
0.0%

Summary: The Newark housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
220.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Newark, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Newark in October 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Newark, IL

How long does it take to sell a home in Newark, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
62 Days47 Days-24.0%

Summary: Homes in Newark had an average of 47 days on market in Oct 2024, down by 24% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Newark are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 2 homes were sold in Newark; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Newark, IL

Nearby Markets to Newark, IL