Is Newark, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Newark has remained a Seller's Market.
Key Takeaway
Newark is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Newark, NY
How much do homes in Newark, NY cost?
Median Sold Price
$175,075
$116/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Newark have sold for 13% more than they did a year ago.
Summary: The median home sold price in Newark was $175,075 in May 2024, up 13% from last year, and the median price per square foot was $116.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $48.5K | $80K | +64.8% |
| 2 Bedrooms | $119.5K | $164.9K | +38.0% |
| 3 Bedrooms | $160K | $174.6K | +9.1% |
| 4 Bedrooms | $199.5K | $177K | -11.3% |
| 5+ Bedrooms | $295K | $195.9K | -33.6% |
Summary: Newark housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 64.8%, 2 bedroom homes increased by 38%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 11.3%, and 5+ bedroom homes decreased by 33.6%.
Median Sold Price Compared To Nearby Cities
| Newark | $154.9K | $175K | +13.0% |
| Arcadia | $151K | $170K | +12.6% |
Housing Supply in Newark, NY
How many homes are available in Newark, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 36 | +12.5% |
Summary: The Newark real estate market had 36 homes for sale in May 2024, a 12.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 8 | +100.0% |
| 3 Bedrooms | 10 | 14 | +40.0% |
| 4 Bedrooms | 12 | 9 | -25.0% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Newark housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 40%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 7 | -12.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Newark, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Newark in May 2024, down by 12.5% month-over-month. Of the 7 sold homes, 14% were sold under asking, 29% were sold at asking, and 57% were sold over asking.
Days on Market for Newark, NY
How long does it take to sell a home in Newark, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 4 Days | 13 Days | +216.7% |
Summary: Homes in Newark had an average of 13 days on market in May 2024, up by 216.7% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Newark are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Newark; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Information being provided by Brooklyn Multiple Listing Service is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing.