"Newark has gotten over the stigma that hung over it from the late 60s riots. The proximity to Manhattan and new luxury apartment construction have changed perceptions of the city."
"Newark's median list price stands at $492,500, well below the statewide median of $619,950. This price gap makes Newark an attractive alternative to Hoboken, Jersey City, and New York City."
"If something is priced correctly, many times we're still getting over asking price. There's a demand, there's low inventory, and people will pay above if they see the value of the property."
Newark's real estate market has seen a resurgence, with inventory rising 34.31% to 137 homes and demand pushing prices higher. The city's median list price is $492,500, significantly lower than the statewide median of $619,950. Factors contributing to this growth include new luxury apartment constructions and Newark's strategic location near Manhattan. The market is slightly favoring sellers, with homes spending a median of 56 days on the market. Competition remains strong for well-priced properties, often leading to sales above asking price.
Read at www.housingwire.com
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