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Zip Code 07104

Newark, NJ • Essex County

Real Estate Market Analysis

Q3 2025 Report
$415,000 (as of mid-2025, estimate for 07104 based on Newark/Essex County trends)
Median Home Value
~55,000 (07104, 2024 estimate)
Population
$44,000 (household, 2024 estimate)
Median Income
Below NJ average (C+ to B-)
School District Rating

Market Statistics

Property Values

$415,000 (as of mid-2025, estimate for 07104 based on Newark/Essex County trends)
Median Home Value
$2,150/month (estimate for 2-3 bedroom units)
Median Rent
$310 (approximate for 07104)
Price per Sq Ft

Market Performance

Home Appreciation4.6% year-over-year (NJ average, 2025)[4]
Market VelocityMedian days on market: 16-34 days (NJ average, 2025)[3][4]
Foreclosure RateSlightly above NJ average, reflecting urban market pressures

Area Information

Area SizeApprox. 2.5 sq mi
CountyEssex
Primary CityNewark

Housing Profile

Housing Statistics

Total Housing Units~15,000 (estimate for 07104)
Owner Occupied28% (Newark average, 2024)
Rental Properties68% (Newark average, 2024)
Vacant Units4% (estimate)
New ConstructionLimited; focus on multi-family and redevelopment projects[2]

Housing Types

Multi-familyRow housesSingle-family detachedApartments

Demographics

~55,000 (07104, 2024 estimate)
Population
33
Median Age
$44,000 (household, 2024 estimate)
Median Income
92% (unemployment ~8%)
Employment Rate
High school diploma: 71%; Bachelor’s degree or higher: 17%
Education Levels
Predominantly families with children; significant Hispanic/Latino community
Family Composition

Education Quality

School District Performance

Below NJ average (C+ to B-)
District Rating
School DistrictNewark Public Schools
Test ScoresBelow state average; improving in select magnet schools
Graduation Rates~78% (district-wide)

Schools in Area

  • McKinley Elementary
  • Park Elementary
  • Barringer High School
  • Several charter and magnet options

Economic Factors

Employment & Business

Job GrowthSteady, driven by healthcare, education, logistics
Unemployment Rate~8% (higher than NJ average)
Business EnvironmentUrban, diverse, with small business growth and redevelopment incentives
Commercial ActivityActive retail corridors, growing logistics and warehousing

Major Employers

  • University Hospital
  • Rutgers University–Newark
  • Prudential
  • Port Newark
  • Local retail and service businesses

Infrastructure & Quality of Life

Infrastructure

Transportation Access

  • • NJ Transit rail (Broad St. Station)
  • • Bus lines to NYC and local destinations
  • • Proximity to I-280, Garden State Parkway

Utilities & Services

  • • Public water/sewer
  • • PSE&G electric/gas

Quality of Life

Safety & Environment

Higher than NJ average; property and violent crime rates elevated but trending downward with community initiatives

Urban, moderate air quality; green space from Branch Brook Park

Healthcare Access

  • • University Hospital
  • • Clara Maass Medical Center

Development Trends

Planned Developments

  • Branch Brook Park area improvements
  • Mixed-use redevelopment near Broad St. Station

Infrastructure Projects

  • • Road resurfacing
  • • Broad St. Station upgrades

Investment Outlook

Growth Outlook

Moderate, driven by urban revitalization and proximity to NYC

Investment Opportunities

  • • Multi-family conversions
  • • Value-add renovations
  • • Affordable housing projects

Marketing Intelligence

Target Demographics

  • First-time buyers
  • Investors
  • Young families
  • Hispanic/Latino households

Competitive Advantages

  • Lower entry price vs. Hoboken/Jersey City
  • Transit access
  • Active redevelopment

Pricing Strategies

Competitive pricing with value-add potential; incentives for FHA/first-time buyers

Common Objections & Response Strategies

Objection: Concerns about crime rates

Response Strategy:

Highlight downward trends, community policing, and neighborhood watch programs

Objection: School quality concerns

Response Strategy:

Promote magnet/charter options and improving graduation rates

Objection: Older housing stock

Response Strategy:

Emphasize renovation opportunities and value pricing

Professional Recommendations

1

Leverage local lender and renovation loan programs

2

Network with community organizations for referrals

3

Highlight transit and park amenities in marketing

4

Educate buyers on value-add and renovation opportunities

5

Monitor local development and zoning changes for early investment signals

Competitive Analysis

Comparable Markets

  • East Orange (07017)
  • Irvington (07111)
  • Jersey City (07305)

Market Positioning

Affordable urban alternative with upside potential

Competitive Advantages

  • Lower price point
  • Proximity to NYC
  • Active redevelopment

Price Comparison

07104 median home value 25-35% lower than Hoboken/Jersey City

Investment Metrics

5.5%–7% (multi-family, 2025)
Cap Rates
5.2% (gross, 2025)
Rental Yields
16–18
Price-to-Rent
Strong for well-managed multi-family properties
Cash Flow
4–5% annually, barring economic shocks
Appreciation

Buyer Journey Insights

First-Time Buyers

Attracted by affordability and transit; may need education on renovation loans and local programs

Move-Up Buyers

Limited options; may seek newer or renovated homes

Downsizers

Less common; may prefer suburban alternatives

Investors

Active, especially in multi-family and value-add segments

Relocators

Drawn by NYC access and lower prices

This zip code analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.

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