Real Estate In Newark, NJ

Newark Real Estate

  • About

  • History

  • Location

  • Things to do

  • Demographics

  • Culture

  • Schools

  • FAQ

Newark, New Jersey Real Estate

Newark's many charms are often commented on by people who have visited the city. Newark is a beautiful and serene place to live, as many believe that there is still plenty of potential in the area. Even if you are planning to buy land in Newark, New Jersey, the information in this post can be useful for you as you can learn more about the city.
Newark is a city in New Jersey, United States. It is the county seat of Essex County and the most populous city in the state. Newark is known for its industrial heritage and its position as the birthplace of the United States National Football League. It is the only major city in the United States that is both a metropolitan area and a micropolitan area. Newark is also the largest city in the New York metropolitan area to be entirely surrounded by another state.
The Newark, New Jersey real estate trend also reflects some promising returns for the buyers. In 2019, the median home sale price was around $240K. Now in 2022, the median home sale price has reached $329K. It means that property value appreciates by nearly 37%. Mostly, importantly, the supply of homes, condos, and apartments is on the higher side as compared to demand. It gives buyers an edge when it comes to negotiation regarding home prices.

History

The original inhabitants of the region were the Lenape Native Americans, who were mostly farmers. In 1666, the Dutch West India Company founded a settlement in the area, and by 1669, it had become the first permanent European settlement in the state of New Jersey. The colony of New Jersey was established in 1702, and the city of Newark was incorporated in 1790. The city was named after the New Amsterdam seaport of the same name. The city's first major growth spurt began in the mid-19th century when the railroad was extended to the city. By the 1880s, the city's industries had developed into steel production, and the growth of the city was helped by the establishment of a municipal water supply in 1885. The first electric street railway in the country was introduced in the city in 1888, and the first passenger train service was provided by the Pennsylvania Railroad in 1890. During the early 20th century, the city's population grew rapidly, and the population reached 100,000 in 1910. During World War I, the city became the site of a major military camp and airfield. A major fire in the city in 1926 destroyed much of the downtown area, and the Great Depression resulted in a severe decline in the city's economy. However, the city was a major industrial center during the Second World War, and the city's population grew from 100,000 in 1940 to 300,000 in 1950. After the war, the city's population began to decline again, and the city lost much of its manufacturing base. However, the city was the site of the first light-rail transit system in the United States in 1946, and the Port Newark-Elizabeth Marine Terminal was opened in 1953.

Things to do in Newark

With its diverse population, Newark is one of the most ethnically diverse cities in America. The city is also known for its vibrant arts scene and its strong economy. Newark is home to the University of Newark, the largest university in New Jersey, and hosts many events throughout the year. Newark is also home to the Prudential Centre, which houses the New Jersey Devils, the New Jersey Nets, and the New York Liberty basketball team. Newark is also home to the historic Newark Museum and the New Jersey Performing Arts Centre, which hosts Broadway shows.

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Map showing Newark

Location

Newark is situated on the west side of the Passaic River and Newark Bay in northeastern New Jersey. The city is about a thirty-minute drive from New York City and is located 8 miles west of lower Manhattan Island. It is bordered by the states of New York and Pennsylvania to the north, east and west respectively. The total land area of Newark city is 25.89 square miles. The Piedmont Region, which includes Newark, is low and swampy, with some high spots to the southwest and northeast. The city's closeness to the Atlantic Ocean has a big impact on the weather in Newark. Winds, primarily from the east and southeast, can help to moderate temperatures, which can range from extremely hot in the summer to extremely cold in the winter. Storms off the coast, known as "northeasters," bring rain and snow to the city in the fall and winter. Newark’s climate is often overlooked. According to the National Oceanic and Atmospheric Administration, Newark has an average yearly temperature of 53.8 degrees Fahrenheit, with highs ranging between 68 and 76 degrees Fahrenheit and lows between 45 and 55 degrees Fahrenheit. With such a wide range of temperatures, the city is best suited to those who enjoy the outdoors. Therefore, if you love outdoor activities, Newark, NJ is where you should buy real estate.

Newark demographics

The city of Newark, New Jersey, is the largest city in the state of New Jersey and is one of the five most populous cities in the United States. It is the second-largest city in the New York metropolitan area, after New York City, and the 20th most populous city in the United States.
Newark's population is around 282K which is growing at the rate of 0.09% per year. Moreover, since the recent census, the city has experienced major growth in the population by 2.04%. The population density of Newark City is around 11.7K people per square mile. In Newark, New Jersey, around 47.4% of the total population are Black African American. White people are 12%, and Asians are 1.48% of the total population. From a demographic perspective, Newark is quite diverse which can have a significant impact on the real estate sector.
Similarly, employment in Newark, New Jersey has experienced a slight decline where the total number of employed people reduced from 129K to 124K. However, despite low household income in the city, various industries are operating efficiently in the city including Health and Social Care, Warehousing and transportation, construction, retail trade, education services, manufacturing and accommodation, and food services. At Newark, there is some high-paying industry which includes public administration, financial management, and insurance. So if you want some decent employment opportunities in major cities, Newark New Jersey can be one of them for sure.
Newark's median household income is on the lower side, the city is home to some profitable industries which ensures that people will get a number of employment opportunities.

Arts in Newark

Mural in Spanish Harlem in New York City

Newark is a large city in the state of New Jersey. There are many attractions in this city that you can visit. One of the places you can visit is the Newark Museum. The museum has over 100 years of history. Some of the exhibits include the original painting of the Declaration of Independence and the first US flag. It is a great place to learn about American history. You can also visit the City Hall. It is the largest city hall in the United States. This building is a historical landmark. It is also a great place to go if you are looking for information on the city of Newark.

Mural in Spanish Harlem in New York City

Schools in Newark

Newark has the highest concentration of colleges and universities in New Jersey. With its strong academic reputation, Newark is a great place to live. However, many people don't know that the city is home to the New Jersey Institute of Technology (NJIT) and Rutgers University, two of the top-ranked public universities in the nation. The city is also home to several small private colleges and universities, such as Essex County College, Bergen Community College, and Montclair State University.

Why Newark?

Newark, New Jersey has so much to offer to people looking to buy real estate in the city. With a rich history and favorable geographic location, Newark can be a place where you can enjoy outdoor events because of good climate conditions. In addition, diversity in the city provides a reflection that this city is open to all people. Moreover, profitable and emerging industries along with good economic activities provide assurance of better employment opportunities. Because of its rich history and local government initiatives, Newark has so much to offer. Last but not least, Newark, NJ is ideal for people looking to buy property in the city as the market is characterized as a buyer's market.

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By law commissions are negotiable and are not fixed by any state or federal law. Prices are subject to change without notice until orders are placed. Licenses: AL: 000101378, AR: PB00077285, AZ: PA625585000 (USRealty Brokerage Solutions, LLP), CA: 01527504 (Abode Technologies, Inc. dba USREALTY.com), CO: EC.100057478, CT: REB.0792629 dba USREALTY.com, DC: REO98368078, DE: RB-0020070 (USRealty Brokerage Solutions, LLP), FL: PR276107, GA: 59309, IL: 481.011765 (Derek Morgan, Broker: 471.012933), IN: RC51500105, KS: CO00002276, LA: 0912122514 (Loria Hamilton-Field, Broker: 0995690736), MA: 8079, MD: 6339, MI: 6502423008, MO: 2008005393, NC: C20101, NE: 20191146, NJ: 1971103, NM: 19525, NV: 1001436, NY: 10491207568, OH: REC.2015001793, OK: 152818, PA: RB066571, RI: REB.0018596, SC: 96085, TN: 261306, TX: 9000929 (Penelope Willhite, Broker: 237866), VA: 0225243285, WA: 9889 (USRealty Brokerage Solutions, LLP), WV: 004704-00 (David Sweeney, Broker: WVB190300552)

 

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