Newark’s housing market is experiencing notable shifts, with recent data indicating a slight decrease in home values. As of March 31, 2026, the average home value stands at $478,455, reflecting a 0.8% decline over the past year. Homes are typically going to pending status in approximately 33 days, suggesting a steady pace in transactions.
In contrast, the rental market has seen a modest uptick. The average rent in Newark reached $2,127 by the end of March 2026, marking a 1% increase year-over-year. This positions Newark’s rental rates slightly above the national average of $1,910.
Several development projects are contributing to the city’s evolving housing landscape. The Newark Central Planning Board recently approved a six-story housing project by The Gomes Group, set to offer 225 apartments, including 45 affordable housing units, at the intersection of Oliver Street and Mulberry Street.
Additionally, the Southside View project is transforming a previously underutilized site in the South Ward into a 100% affordable housing community. This five-story building will feature 40 apartments, ranging from one to three bedrooms, and includes amenities such as free Wi-Fi and after-school tutoring for residents.
Another significant development is the Highland Views housing complex in the Central Ward. This project comprises two four-story buildings that will provide 180 affordable rental units for senior citizens, located along South 13th Street, directly across from West Side Park.
These developments reflect Newark’s commitment to expanding housing options and addressing the diverse needs of its residents. As the city continues to grow, staying informed about market trends and new projects will be essential for prospective buyers, renters, and investors.