Newark Home Prices: $471K, Down 0.8% — 9 ZIPs Analyzed (2026)
$471,120. That’s what a typical home costs in Newark right now — and it’s actually less than it was a year ago. Prices slipped 0.8% over the past twelve months, a mild correction after years of appreciation in New Jersey’s largest city. Across 9 ZIP codes, values range from under $400K to nearly $569K.
Quick answer: The average home price in Newark, NJ is $471,120 as of February 2026, down 0.8% year over year according to Zillow.
Current Home Prices in Newark
Here’s the snapshot for February 2026:
| Metric | Value |
|---|---|
| Median Home Value | $471,120 |
| Year-over-Year Change | -0.8% |
| Lowest ZIP Median | $395,424 |
| Highest ZIP Median | $568,917 |
| Number of ZIPs Tracked | 9 |
That 0.8% annual decline works out to roughly $3,800 in lost value over the past year. Not a crash by any measure, but it marks a shift. For most of 2025, Newark home values hovered in the $473K–$475K range. The drop steepened only in January and February 2026.
If you’re a buyer, this means you have slightly more negotiating room than you did six months ago. If you’re a seller, the data says your home is worth a little less than it was at this time last year — but the decline is modest enough that pricing correctly still matters more than timing the market.
Newark sits within the New York-Newark-Jersey City metro area, and the city’s relative affordability compared to Manhattan and Brooklyn continues to draw interest from commuters and investors alike.
Newark Home Prices by Neighborhood
Not all Newark neighborhoods are priced the same. The gap between the cheapest and most expensive ZIP code is $173,493 — nearly 44% of the city median.
| ZIP Code | Median Home Value | Typical Rent |
|---|---|---|
| 07105 | $568,917 | $2,230 |
| 07107 | $501,741 | $2,079 |
| 07108 | $490,960 | $2,094 |
| 07104 | $486,025 | $2,026 |
| 07112 | $473,316 | $2,077 |
| 07114 | $463,154 | $1,941 |
| 07106 | $459,593 | $2,061 |
| 07102 | $400,950 | $2,440 |
| 07103 | $395,424 | $2,102 |
Most Expensive ZIPs
07105 leads the city at $568,917 — 21% above the Newark median, with rents at $2,230 per month. 07107 comes in second at $501,741, about $30K above the city average, with relatively moderate rents of $2,079. 07108 rounds out the top three at $490,960, carrying rents of $2,094.
Most Affordable ZIPs
07103 is the cheapest place to buy in Newark at $395,424 — 16% below the city median — though rents there still run $2,102. 07102 is the second most affordable at $400,950, but it has the highest rents in the entire city at $2,440, which suggests strong rental demand and possible investor interest. 07106 at $459,593 is the third most affordable and offers rents near the city average at $2,061.
Rent vs Buy in Newark
Renting is cheaper than buying in Newark right now. Here’s the math.
The city-wide median rent across all 9 ZIPs averages about $2,117 per month. To buy the median $471,120 home with 20% down, you’d finance roughly $376,896. At a 7% mortgage rate over 30 years, that’s approximately $2,508 per month in principal and interest alone — before property taxes, insurance, and maintenance.
| Cost | Monthly Amount |
|---|---|
| Typical Rent | ~$2,117 |
| Mortgage Payment (P&I) | ~$2,508 |
| Difference | ~$391 |
That $391 monthly gap widens further once you add Newark’s property taxes, which are among the highest in New Jersey. You could easily be paying $3,200–$3,500 per month all-in as an owner.
One oddity in the data: ZIP 07102 has the second-lowest home prices ($400,950) but the highest rents ($2,440). If you’re looking at investment properties, that price-to-rent ratio is worth a closer look. On the flip side, 07114 has the lowest rents in the city at $1,941, paired with a home value of $463,154.
For most buyers, renting makes more financial sense in the short term. Buying only wins if you plan to stay five-plus years and believe prices will recover.
Population Growth and Migration
Newark is growing again after a brief dip early in the decade.
The city’s population hit 317,303 in 2024, up 2.1% from 310,665 in 2020. But the path wasn’t a straight line — Newark actually lost residents in 2021 and 2022 before rebounding sharply.
| Year | Population |
|---|---|
| 2020 | 310,665 |
| 2021 | 307,456 |
| 2022 | 306,333 |
| 2023 | 309,225 |
| 2024 | 317,303 |
That 2022-to-2024 rebound added nearly 11,000 residents in two years. The pandemic-era exodus reversed, and Newark is now larger than it was before COVID.
How does Newark compare to its neighbors?
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Bayonne | 74,532 | 4.1% |
| Jersey City | 302,824 | 3.7% |
| East Orange | 71,850 | 3.5% |
| Elizabeth | 140,413 | 2.7% |
| Newark | 317,303 | 2.1% |
| Clifton | 90,322 | 0.8% |
Newark’s 2.1% growth trails several neighbors, but the raw numbers matter more here. The city added over 6,600 residents. That population pressure supports housing demand even as prices soften slightly. More people competing for a fixed housing stock tends to put a floor under prices.
Newark Housing Market Trends
Here’s how the median home value has moved month by month over the past year:
| Month | Median Value | Low | High |
|---|---|---|---|
| Mar 2025 | $474,686 | $389,160 | $564,632 |
| Apr 2025 | $474,041 | $388,962 | $564,436 |
| May 2025 | $473,524 | $389,667 | $564,306 |
| Jun 2025 | $474,361 | $391,608 | $567,036 |
| Jul 2025 | $474,182 | $392,116 | $569,932 |
| Aug 2025 | $473,770 | $391,476 | $571,776 |
| Sep 2025 | $474,022 | $390,752 | $572,350 |
| Oct 2025 | $474,649 | $390,609 | $573,139 |
| Nov 2025 | $475,313 | $391,646 | $573,567 |
| Dec 2025 | $474,711 | $392,744 | $573,666 |
| Jan 2026 | $473,342 | $394,126 | $571,571 |
| Feb 2026 | $471,120 | $395,424 | $568,917 |
The pattern tells a clear story. From March through November 2025, prices barely moved — staying in a tight $1,800 band between $473,524 and $475,313. Then came December, January, and February with a steady slide. The median dropped $4,193 in three months.
Meanwhile, the floor has actually been rising. The cheapest ZIP went from $388,962 in April 2025 to $395,424 in February 2026 — up about $6,500. The ceiling is falling. The most expensive ZIP peaked at $573,666 in December and dropped to $568,917 by February. The market is compressing.
Is Newark a Good Place to Buy in 2026?
The data points to a mild buyer’s market forming. Prices are down year over year, the decline is accelerating slightly, and the price range is narrowing. Sellers don’t have the bargaining power they had in 2024.
But “mild” is the key word. This isn’t a distressed market. A 0.8% decline barely keeps pace with inflation, so in real terms prices are falling faster than the headline number suggests. That said, Newark’s population growth — especially the sharp 2022–2024 rebound — provides a demand backstop.
If you’re buying to live in Newark long-term, the current dip gives you a slightly better entry point than six months ago. If you’re an investor, the rent-to-price ratios in certain ZIPs (especially 07102 and 07103) look more attractive than the city average.
The worst move right now is overpaying in the priciest ZIPs. The data shows the high end is correcting faster than the low end.
Newark Housing Market Outlook for 2026-2027
The three-month trend from December 2025 through February 2026 shows prices dropping at a faster clip than the rest of the year. If that pace continues, Newark’s median could dip below $465,000 by mid-2026.
But seasonal patterns may intervene. Spring typically brings more buyers into the market, and the data from spring 2025 shows prices held steady from March through June. A similar pattern in 2026 could slow or pause the decline.
The narrowing gap between the cheapest and most expensive ZIPs suggests the market is finding a new equilibrium. Lower-priced areas are holding value while the top end softens. That compression trend is worth watching — it often signals a maturing market rather than a collapsing one.
Population growth adds a wild card. An additional 8,000 residents arrived between 2023 and 2024 alone. If that pace holds, housing demand will keep a floor under prices even if broader economic conditions push them lower.
Similar Markets in NJ
If you’re exploring options across New Jersey, these cities offer different price points and market conditions:
- Jersey City — Newark’s neighbor across the Passaic, with a similarly sized population of 302,824 and faster growth at 3.7%.
- Elizabeth — Just south of Newark, Elizabeth has 140,413 residents and 2.7% growth, likely at a lower price point.
- Paterson — Another major North Jersey city worth comparing for affordability.
- Clifton — A suburban alternative with slower population growth at 0.8%.
- Plainfield — A smaller market that may offer lower entry prices for buyers priced out of Newark.
Frequently Asked Questions
What is the average home price in Newark?
The average home price in Newark, NJ is $471,120 as of February 2026. Prices range from $395,424 in ZIP code 07103 to $568,917 in ZIP code 07105. That’s a spread of nearly $174,000 across the city’s nine tracked neighborhoods.
Are home prices going up or down in Newark?
Down. Newark home prices fell 0.8% year over year as of February 2026. The decline was concentrated in the final three months of the tracking period — the median dropped $4,193 between November 2025 and February 2026 after staying nearly flat for most of 2025.
Is it cheaper to rent or buy in Newark?
Renting is cheaper. The typical rent across Newark runs about $2,117 per month. A mortgage on the median-priced home at 7% with 20% down costs roughly $2,508 in principal and interest — and that’s before property taxes and insurance, which can add $700 or more per month in Newark.
What is the most affordable neighborhood in Newark?
ZIP code 07103 has the lowest median home value at $395,424, which is 16% below the city average. ZIP 07102 is close behind at $400,950. Both neighborhoods offer entry points under $401,000, though 07102 has notably higher rents at $2,440 per month.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.