Real Estate Market Update for 07102 (Newark, NJ)
Welcome to May's Market Update. Let’s take a look at residential real-estate activity in your area during the month of May. The number of active listings was down 9% from one year earlier, and did not change from the previous month. These latest figures mean that buyers had a more limited selection of homes to choose from compared to the same month the previous year. As you can see, the median listing price for the month was just over 170-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was up 100%. This higher number of days may signal a slowdown in the local inventory-turnover rate. The median sale price was just under 130-thousand dollars. The number of units sold increased 100% year-over-year, and held steady month-over-month. These latest figures are encouraging news for both buyers and sellers, indicating a positive trend in the marketplace. Thanks for watching. We hope you use this information to make smart, informed decisions in your upcoming real-estate transactions. Feel free to contact us for more information or further assistance.
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Map Information for 07102 (Newark, NJ)
Area Information for 07102 (Newark, NJ)
  • Population: 10,734
  • Median Age: 35.01 yr
  • Median Commute Time: 22.29 mins
  • Educational Climate*: 3
  • Sales Tax: 6.909%
  • Population Density: 9,140/sq mi
  • Population Change Since 2000: 10.79%
  • Closest Airport: Newark Liberty International
  • Closest College: Umdnj-school Health-related Professions
  • Closest Jr. College: Essex County College
  • Median Household Income: $24,066
  • Annual Residential Turnover: 28.04%
  • Median Years in Residence: 2.11 yr
  • Median Home Sales Price: $228,125
  • Closest Major Sports Team: New Jersey Devils
  • Change Avg. Household Income Since 2000: 76%
* Scale from 1-5  ** Index where 100 is the national average
Demographic Data for 07102 (Newark, NJ)
Median Age: 35.01 Married: 10% Number of Households: 4,305 Households with Children: 966
Community:
    • Occupancy Types
      • 3599 Vacant
      • 8822 Owned
      • 12512 Rented
    • Transportation to Work
      • 43% Drive
      • 47% Public Transportation
      • 8% Walk / Bike / Other
      • 8% Work at Home
    National Index Comparisons:
    (100 National Average)
      • Population By Sex(%)
        • 50% Male
        • 50% Female
      • White/Blue Collar Jobs
        • 50% White Collar
        • 50% Blue Collar
      School Data for 07102 (Newark, NJ)

      School Name Distance Type Grades GreatSchools Rating Parent Rating
      Discovery Cs 0.1 mi Public 4-8 3 3
      Merit Preparatory Of Newark Charter School 0.1 mi Public - 0 0
      Newark Day Center 0.1 mi Private K-1 0 0
      Newark Educators Charter School 0.1 mi Public K-5 1 3
      Affirmation Academy 0.2 mi Catholic K-8 0 0
      Gray Charter School 0.3 mi Public K-8 4 4
      Fast Track Success Academy 0.3 mi Public 9-12 0 0
      Marion P Thomas Charter High School 0.3 mi Public 9-10 0 0
      Newark Boys Chorus School 0.4 mi Private 4-8 0 3
      Arts High School 0.4 mi Public 7-12 2 4
      St Benedict Preparatory School 0.4 mi Catholic 7-12 0 4
      St Mary School 0.4 mi Catholic K-8 0 4
      Alif Muhammads Nia School 0.6 mi Private 8-12 0 5
      North Star Acad Cs Of Newark 0.6 mi Public 5-8 4-5 5
      Newark Preparatory Charter School 0.7 mi Public - 0 0
      Great Oaks Charter School 0.9 mi Public 6-7 0 0
      Paulo Freire Charter School 0.9 mi Public - 0 0
      Proximity to listed schools and their school district(s) does not guarantee enrollment eligibility. Please contact a local real estate professional or the local school district(s) for the most current information relating to schools in the area. Sources: GreatSchools.org and Onboard Informatics © 2015
      Local Weather for 07102 (Newark, NJ)
        Community information and market data Powered by Onboard Informatics. Copyright ©2015 Onboard Informatics. Information is deemed reliable but not guaranteed. * Based on a 30-year fixed rate of 4.75% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.