$8,894 Closing Credit*
$749,000
9 Beds
•3 Full Baths, 3 Partial
Listing Office: THE REAL ESTATE COMPANY
Is Newark, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller'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 Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Newark, NJ
How much do homes in Newark, NJ cost?
Median Sold Price
$396,125
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$36,125(+10.0%)
Key Takeaway
Homes in Newark have sold for 10% more than they did a year ago.
Summary: The median home sold price in Newark was $396,125 in October 2024, up 10% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $217.5K | $210K | -3.4% |
| 2 Bedrooms | $295K | $315K | +6.8% |
| 3 Bedrooms | $355K | $387K | +9.0% |
| 4 Bedrooms | $405.5K | $450K | +11.0% |
| 5+ Bedrooms | $450K | $480K | +6.7% |
Summary: Newark housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.4%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 11%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Cities
| East Orange | $380K | $425K | +11.8% |
| Newark | $360K | $396.1K | +10.0% |
Housing Supply in Newark, NJ
How many homes are available in Newark, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 555 | 696 | +25.4% |
Summary: The Newark real estate market had 696 homes for sale in October 2024, a 25.4% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 11 | -8.3% |
| 2 Bedrooms | 23 | 30 | +30.4% |
| 3 Bedrooms | 93 | 110 | +18.3% |
| 4 Bedrooms | 70 | 80 | +14.3% |
| 5+ Bedrooms | 357 | 465 | +30.3% |
Summary: The Newark housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.3%, 2 bedroom homes increased by 30.4%, 3 bedroom homes increased by 18.3%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 30.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 25 | 34 | +36.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Newark, you could pay more than the asking price. 70.6% of homes here sold above asking price last month.
Summary: A total of 34 homes were sold or pending in Newark in October 2024, up by 36.0% month-over-month. Of the 34 sold homes, 21% were sold under asking, 9% were sold at asking, and 71% were sold over asking.
Days on Market for Newark, NJ
How long does it take to sell a home in Newark, NJ?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 30 Days | 75 Days | +150.0% |
Summary: Homes in Newark had an average of 75 days on market in Oct 2024, up by 150% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Newark are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 34 homes were sold in Newark; 3% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
The data relating to real estate for sale or rent on this web site comes in part from the IDX program of the HCMLS. Real estate listings held by brokerage firms other than this broker are marked with the HCIDX mark and the information about them includes the name of the listing broker. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright © 2024 Realty Multiple Listing System, Inc. Incorporated in 1952 (aka RMLS, Hudson County MLS). All rights reserved.