A Guide to Renting Properties and Market Trends in Newark Delaware
- December 21, 2022
- Category: Delaware Housing Market, Property Management
Newark is a thriving university town in Delaware’s New Castle County. It is the third-largest city in Delaware, with a population of approximately 33,000 people. Even though too many college students live in Newark during the academic year, most inhabitants own their houses. Here is an in-depth analysis of rental properties and market trends in Newark Delaware.
Why Newark, DE?
Every day, a dynamic, award-winning downtown offers numerous possibilities for thrilling events and festivals, as well as fantastic food and unique shopping experiences. With more than 60 restaurants, Newark’s downtown provides everything you might desire, from familiar chain restaurants to distinctive eateries found only in Newark. If you’re thinking about property management in Newark, Delaware, many fantastic amenities will entice tenants and make it a terrific place to live.
The most popular attractions in Newark include witnessing a performance by the Chapel Street Players, being creative at the Art Alliance, competing at Main Event Entertainment, and touring one of the town’s numerous antique stores or farmers’ markets. There are nearly 17 miles of trails and 33 parks in Newark, providing residents and visitors with plenty of area for outdoor activities.
Newark is a thriving city with a rich history that appeals to everyone, from elders to families with kids and college students. It also has a flourishing corporate and nonprofit community and The Newark Partnership, a resource for all things living, working, and playing in Newark.
Where is Newark, DE
Rhodes Pharmacy- Image source
Newark is less than a mile from the intersection of Delaware, Maryland, and Pennsylvania, making it a 20-minute journey from Wilmington and less than an hour from Philadelphia. The University of Delaware is located in a city bordered by state parks.
- Flood – 56%. A substantial flood risk exists in around 15.04% of structures in Newark, Delaware. A typical building with flood risk in this location has a 33% probability of experiencing a flood exceeding 27.4″ deep before 2050
- Storm – 98%. Typically, there are approximately 11 large 2-day storms each year, with about 1.59 being severe. In 2050, you may expect 13 storms and 1.65 inches of rain “per storm
- Heat – 61%. A day with a high temperature of 93°F is considered hot in Newark, Delaware. Usually, there are roughly eight hot days every year. The prognosis for 2050 is for around 42 hot days per year
Newark’s Educational Facilities
The University of Delaware, noted for its business and biochemistry schools, is in Newark. Other institutions in and around Newark include Lincoln University, Franklin University, and community colleges like Cecil College. The city has three public education districts, including 17 primaries and seven high schools. There are also 115 private schools in the region, giving parents plenty of options for where to send their children.
The Best Newark Neighborhoods
South Newark, Northern Newark, and Southwest Newark are some of the finest neighborhoods in or surrounding Newark, Delaware. Consider purchasing or renting a property in one of these popular areas.
Property Management Market Trends in Newark Delaware
Most of Newark’s population lives in single-family houses, while numerous apartment complexes have been developed in the last decade. Fairfield Crest is popular with families with its colonial-style houses and closeness to White Clay Creek State Park, the University of Delaware, downtown, and the Fairfield Shopping Center.
Newark is mainly populated by college students, families, and young couples. Most students reside in College Park, an area near the University of Delaware in the center of town. However, the vast majority of people own their houses.
Prospective purchasers should be informed that, in addition to Delaware’s comparatively low tax rate of.56%, Newark now has a property tax rate of $0.9120 per $100 assessed value. This may be attributed partly to the city’s “Green Newark” campaign, which includes a Renewable Energy Program, exceptionally easy recycling, public transit, and ongoing solar panel installations on city land.
The housing market in Newark is quite competitive. Homes in Newark typically receive four bids and sell in around 16 days. Last month, the average sale price of a property in Newark was $383K, a 22.4% increase over the previous year. The average sale price per square foot in Newark is $162, a 7.4% decrease from the previous year.
Migration and Relocation Trends in Newark
Between September and November of this year, 19% of Newark homebuyers sought to relocate out of the city, while 81% looked to stay in the metropolitan region.
Who’s Looking to Relocate in Newark?
2% of homebuyers nationwide looked to relocate to Newark from other metro areas. New York residents want to relocate to Newark more than any other metro area, trailed only by Washington and Chicago. After Chicago, the order goes to San Francisco, California Scranton, Pennsylvania. San Diego, California Buffalo, Los Angeles, California Lincoln, and Nebraska Ithaca.
Where are Newark homebuyers looking to relocate?
81% of Newark purchasers looked for properties inside the Newark metropolitan area. The most preferred destination among Newark homebuyers was Salisbury, followed by Miami and Orlando.
According to market trends, Newark’s average price per square foot has decreased by $3 (2%) over the last six months. The average sales price has dropped from $385,000 to $379,000 over the previous six months. Property in Newark spends an average of 6 days on the market. Buyers could anticipate spending 102% of the asking price.
Choosing the Ideal Newark Property
Property searching could be a stressful experience. However, there are certain things you may do to ease the process.
- Contact the local real estate agents to be the first to know about available homes
- Before making any offers, thoroughly examine the area
- To find available property listings, use reputable and trustworthy websites
- Check the prices at which prior properties were sold to obtain an idea of the “sold price” for the type of property you’re searching for
- Before making any decisions, research the environmental factors and danger of floods in your selected region
- Making an effort to conduct proper research could help you prepare for a significant life decision, ensuring you are making the right decision
Given everything Newark offers, we strongly recommend you consider relocating there. Newark, with a rising population of 33.000 people and many friendly and caring neighborhoods, might be an excellent option for you and your family’s fresh start. In addition, there are no state or local sales taxes in Delaware. As a result, sales tax exemption and reseller certificates are no longer recognized in the state. In Delaware, most goods and services are subject to licensing and gross receipt taxes.