<h2>Overview of Newark Real Estate Trends</h2>
<p>Between March 2023 and February 2024, <a href="https://www.realtytrac.com/market-trends/newark-nj/">property values in Newark, NJ</a>, 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.</p>
<p>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 <a href="https://www.realtytrac.com/newark-nj/for-sale/">property in Newark</a> and possibly points to a more competitive market where buyers are willing to pay more for each square foot.</p>
<figure id="attachment_25393" aria-describedby="caption-attachment-25393" style="width: 1448px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25393" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/03/Market-Report-Newark-NJ-March-2024-Price-Per-Sq-Ft.png" alt="Market Report Newark NJ March 2024 - Price Per Sq Ft" width="1448" height="550" /><figcaption id="caption-attachment-25393" class="wp-caption-text">Market Report Newark NJ March 2024 – Price Per Sq Ft</figcaption></figure>
<p>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.</p>
<h2>Comparative Analysis with Nearby Cities</h2>
<p>Next, let’s take a look at nearby cities:</p>
<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>
<h2>Current Real Estate Values and Volumes</h2>
<p>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.</p>
<figure id="attachment_25394" aria-describedby="caption-attachment-25394" style="width: 1432px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25394" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/03/Market-Report-Newark-NJ-March-2024-Homes-For-Sale.png" alt="Market Report Newark NJ March 2024 - Homes For Sale" width="1432" height="556" /><figcaption id="caption-attachment-25394" class="wp-caption-text">Market Report Newark NJ March 2024 – Homes For Sale</figcaption></figure>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>


Market Reports

Newark Real Estate Market Report, March 2024

The Newark real estate market from 2023 to 2024 exhibited a strong upward growth pattern, with slight fluctuations in property values and sale price per square foot.

Newark Real Estate Market Report, March 2024 - RealtyTrac

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RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

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Augusta, ME Property Values Soar to $342K Amid Dipping Sales Volume - RealtyTrac

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Newark Real Estate Market Report, March 2024

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