Newark Real Estate Market Report, March 2024

Overview of Newark Real Estate Trends

Between March 2023 and February 2024, property values in Newark, NJ, showed a generally upward trajectory, moving from an average of approximately $407,000 to $430,000. However, there was a slight dip in January 2024 when the average property value briefly fell to around $429,900. This suggests a robust market with resilient price appreciation, a positive sign for property owners and investors alike.

Sale price per square foot, an important metric indicating the value buyers attribute to space, also experienced growth, albeit with minor fluctuations. Starting at about $183 in March 2023, it rose to approximately $207 by February 2024. This growth underscores a higher demand for property in Newark and possibly points to a more competitive market where buyers are willing to pay more for each square foot.

While prices increased, the volume of properties sold remained relatively stable, marking a peak in January 2024 with 936 properties changing hands. This signifies that despite rising prices, there is a consistent demand for properties in Newark.

Comparative Analysis with Nearby Cities

Next, let’s take a look at nearby cities:

• Harrison, NJ, stood out with its significant value fluctuations, reaching a high point in December 2023 with an average property value of approximately $750,000. Its sale price per square foot peaked at around $335 in February 2024, considerably higher than Newark’s, illustrating a premium market that may appeal to a different buyer segment.
• Kearny, NJ, presented an increase in property values from March 2023 to December 2023, from approximately $482,500 to around $550,000, followed by a drop in February 2024 to about $489,000. The sale price per square foot remained more stable, only exhibiting a slight decrease to around $271 in February 2024.
• Meanwhile, East Orange, NJ, showed a steady climb in property values from around $394,500 in March 2023 to nearly $399,900 in February 2024. Sale price per square foot also saw a minor uptick, indicating a growing market.
• Irvington, NJ, marked a gradual surge in property values across the year, though minor fluctuations were recorded. The average property value remained approximately $398,000 from March 2023 to February 2024. Sale price per square foot showed a subtle growth from $215 to $222, reflecting a steadily appreciating market.
• In Hillside, NJ, an increase in average property values was observed from around $427,000 in March 2023 to $424,500 in February 2024, with a small decrease in the sale price per square foot in that period.

Current Real Estate Values and Volumes

As of February 2024, Newark’s real estate outlook is strong, with average values hovering around the $430,000 mark and properties fetching an average sale price of about $458,000. The sale price per square foot stands at an impressive $207, showing that space maximization is important to the Newark buyer. With 83 properties on the market and 863 sales made, the transaction volume is healthy, pointing to a thriving Newark real estate environment.

Adjacent to Newark, Harrison offers a contrasting scenario with average values at approximately $401,674 and a lofty sale price per square foot of $335—a testament to its high-end market appeal. Although Harrison had only 2 properties listed, 32 sales were completed, indicating a fast-moving market with limited inventory.

Kearny’s real estate ecosystem reflects a mix of trends: average values are around $489,000, and properties sell for about $453,550 on average. The sale price per square foot averages $271, suggesting a competitive middle market. With 11 properties available and 76 sold, Kearny’s market is moderately active.

East Orange showcases stable increments in property values, standing at roughly $399,900, with an average sale price of around $478,900. Sale price per square foot rests at $217.5. The transaction volume seems substantial, with 258 properties sold out of 47 listed, indicating a seller’s market.

Irvington maintains equilibrium in its market, having an average value of $398,000 and a sale price per square foot at $222. With 39 properties on the market and 241 sold, it indicates a consistently high demand for properties in the area.

Lastly, Hillside, with average values at about $424,500 and a sale price per square foot at $271, reflects a market scenario where real estate is valued highly and reflects a substantial turnover, despite having only 18 listings.

Overall, these statistics paint a picture of a vibrant and diverse real estate environment around Newark and its neighboring cities, each offering unique opportunities and trends for potential homebuyers and investors.