The story of this market
The typical home in ZIP 07112 sells for about $585,000, or $271 per square foot.
Prices are up +6.3% from a year ago, so sellers still have some momentum. Homes take about 77 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,219 a month.
ZIP 07112 — Newark
The 07112 housing market is currently experiencing moderate price appreciation, driven by demand for multi-family properties and proximity to major transit hubs. While inventory remains tight, the market is showing resilience with a 6.3% year-over-year price increase. Buyers are navigating a competitive environment, though the pace of sales has slowed compared to previous years.
This ZIP is well-suited for commuters seeking proximity to NYC and Newark employment hubs, as well as investors looking for multi-family opportunities in an established urban neighborhood.
Median prices moved up 6.3% year over year.
Homes spend a median of 77 days on market with 49.0 months of supply — a slower-moving market.
13% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 7.2% · poverty 19.5% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 11.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 07112, Essex County NJ
Crime rates in Newark are generally higher than national averages, with specific localized trends in the Weequahic area often reflecting broader urban challenges in Essex County.
Schools serving the 07112 area are part of the Newark Public Schools district, which faces ongoing challenges with academic performance and resource allocation.
The area is primarily urban with standard flood and wind risks associated with the North Jersey region; insurance premiums are influenced by the density and age of the housing stock.
Economic momentum is driven by proximity to Newark Liberty International Airport and ongoing urban revitalization efforts in Newark, though large-scale new development is limited by existing density.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (New Jersey) — Farmland Assessment: Property is assessed based on its productive capability for agricultural use rather than its full market value, resulting in a lower tax burden. State (New Jersey) — Ad Valorem Property Tax: Tax is calculated as (Assessed Value * Tax Rate). Assessed value is determined by the municipal assessor at 100% of true market value. The tax rate is set by local taxing districts to cover municipal, county, and school budgets.
Residents benefit from proximity to major highways including I-78 and the Garden State Parkway, with transit access to Newark Penn Station and NYC via NJ Transit.
The area is anchored by the historic Weequahic Park, which offers a lake, golf course, and extensive walking trails, serving as a primary recreational hub.
The rental market is characterized by high demand for multi-family housing, with a significant presence of investor-owned properties and stable occupancy rates.
The economy is anchored by healthcare, logistics, and transportation sectors, with significant employment provided by Newark Liberty International Airport and local medical centers.
The area is well-connected via major highway corridors and local bus routes, providing access to the broader Newark and NYC metropolitan transit network.
Development is focused on infill residential projects and the rehabilitation of existing multi-family housing stock.
The Essex County Board of Taxation oversees assessments, which are subject to annual equalization processes.
Parcels are subject to Newark municipal taxes, Essex County taxes, and Newark Public Schools district levies.
Property insurance costs are rising due to regional climate risks and the age of the housing inventory.
New Jersey is a judicial foreclosure state, requiring court intervention for all foreclosure proceedings.
New Jersey requires sellers to provide a comprehensive property condition disclosure statement to buyers.
Data retrieved from US Census Bureau and local ZIP-level aggregators.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment. Source: NCES EDGE public school locations 2023-24.
A large historic park featuring a lake, golf course, and athletic fields.
A major regional medical facility serving the local community.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.