At the end of Q3 2017, the real estate market in Newark seemed to be on an upward path. Our most recent study showed that at the end of September 2017, the median sale price in the city reached $151,000, an increase of $30,000 compared to the same period in 2012.
To better understand how the Newark residential market has evolved in the last five years, we analyzed all residential transactions to close in the city during the first three quarters of 2012 and compared them to sales closed in the first three quarters of 2017. As a result, we discovered which of the city’s neighborhoods had the most accelerated growth in prices during this interval.
#1 Lower Roseville
Median sale price: $165,100
Change in median sale price compared to 2012: $75,100
Number of recorded transactions: 73
Located in the historical West Ward neighborhood and ranking first on our list, Lower Roseville is Newark’s fastest-rising neighborhood compared to 2012. The median sale price here increased by $75,100, and reached $165,000 at the end of Q3 2017.
This 2,848-square-foot home at 237 5th Street in Lower Roseville is living proof of how the market has grown in the area. The five-bedroom property features an asking price of $158,000, and offers easy access to public transportation, restaurants, and shopping centers.
#2 North Ironbound
Median sale price: $260,000
Change in median sale price compared to 2012: $75,000
Number of recorded transactions: 126
The second spot is taken by the North Ironbound neighborhood. Nestled along the Ferry Street commercial corridor, the neighborhood saw median sale prices soar at the end of Q3 2017, reaching $260,000. The 41% increase in median home prices makes North Ironbound one of the most expensive neighborhoods in Newark.
Located at 411-419 Chestnut Street, this two-bedroom condo is a fitting example of what the North Ironbound market has to offer. Bright and spacious, the condo has two full bathrooms, plenty of natural light, and features an asking price of $265,000.
#3 Mount Pleasant
Median sale price: $177,500
Change in median sale price compared to 2012: $73,350
Number of recorded transactions: 36
Coming in third place, the riverside neighborhood of Mount Pleasant currently boasts a median sale price of $177,500. Mount Pleasant’s median home price increased by $73,350 compared to 2012 — a 70% growth.
Take a look at this cozy single-family home at 204 Garside Street. Featuring an asking price of $149,000, the 768-square-foot property is part of a duplex construction and comes with its own yard.
#4 Upper Roseville
Median sale price: $240,000
Change in median sale price compared to 2012: $70,000
Number of recorded transactions: 63
Landing the fourth spot on our list is Upper Roseville, where the median home price increased by $70,000 compared to 2012. The neighborhood is one of Newark’s most expensive, fetching a median home price of $240,000 at the end of September 2017.
Located at 157 1st Avenue West, this four-bedroom home depicts the Upper Roseville housing market quite well; built in a Colonial style, the spacious property has an asking price of $229,000.
#5 South Ironbound
Median sale price: $278,500
Change in median sale price compared to 2012: $61,500
Number of recorded transactions: 26
Last but not least, we have South Ironbound. Part of the East Ward, the median home price in South Ironbound increased by $61,5000 compared to 2012, reaching $278,500 at the end of Q3 2017.
Built in 2005, this large home at 190 Emmet Street is a fitting example of what the South Ironbound housing market has to offer. The ample eight-bedroom, five-bath home has an asking price of $250,000.
Newark’s worst-performing neighborhoods in 2017
Compared with 2012 figures, West Side and Vailsburg are among Newark’s worst-performing neighborhoods. However, even the slowest neighborhoods in Newark have seen a visible growth in median sale prices.
At the end of Q3 2017, in West Side, the median home price had increased by $13,500 (a 14% growth), while in Vailsburg the median sale price reached $110,000 — a 15% growth compared to 2012.
Lincoln Park, Newark’s most expensive neighborhood in terms of median home prices, is also going slow and steady. Compared to 2012, the median sale price increased by $25,000, reaching $300,000 at the end of Q3 2017 (a 9% growth).
Taking a downturn, Lower Clinton Hill is the only neighborhood on our list where home prices have dipped compared to five years ago. The median home price sunk to $165,000 in September 2017, $6,250 below the median price recorded in 2012.
Check out the table below to see how Newark median sale prices fluctuated compared to 2012, in all the neighborhoods we looked at:
|Neighborhood||Median Sale Price 2012||Median Sale Price2017||Difference in Median Sale Price 2012/2017|
|South Broad Valley||$132,000||$190,300||$58,300|
|Upper Clinton Hill||$90,000||$128,000||$38,000|
|Lower Clinton Hill||$171,250||$165,000||-$6,250|
Methodology: To determine which are the fastest-developing neighborhoods in terms of home prices, we looked at all residential transactions closed between January 2012 and September 2012 and compared them with the figures from January 2017 to September 2017. We considered condos, co-ops, and single- and two-family homes. All package deals were excluded.