The story of this market
The typical home in ZIP 07108 sells for about $512,284, or $255 per square foot.
Prices are up +4.3% from a year ago, so sellers still have some momentum. Homes take about 48 days to sell. HUD's fair market rent for a two-bedroom is $2,097 a month.
ZIP 07108 — Newark
The 07108 housing market shows a divergence between rising home values and low median household income, creating a challenging environment for local buyers. While values have appreciated, the high cost-burden for renters and owners suggests a market driven by external investment rather than local affordability. Data for specific metrics like months of supply and sale-to-list ratios are estimated based on regional trends as precise ZIP-level figures are not consistently published.
This ZIP is primarily suited for investors seeking high-yield opportunities and local residents, as the market requires significant underwriting expertise and is less oriented toward traditional family-buyer entry.
Median prices moved up 4.3% year over year.
Homes spend a median of 48 days on market with 6.2 months of supply — a balanced-paced market.
18% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 9.8% · poverty 35.3% — elevated distress and economic pressure.
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 10.1%/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 6.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 07108, Essex County NJ
Crime rates in the 07108 area remain elevated compared to national averages, with local reports indicating persistent challenges regarding property and violent crime relative to the broader Essex County region.
Public schools serving the 07108 ZIP code are part of the Newark Public Schools district, which faces ongoing challenges in academic performance metrics and resource allocation compared to suburban counterparts.
The area is subject to standard urban flood risks and is monitored for climate-related insurance adjustments, though it does not face significant wildfire exposure.
Economic momentum is driven by proximity to Newark's central business district and ongoing urban revitalization efforts, though large-scale corporate infrastructure projects remain limited within the ZIP boundaries.
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 transit corridors including NJ Transit rail lines and bus routes providing access to Newark Penn Station and Manhattan employment hubs.
The area features access to local urban parks and community centers, with proximity to larger regional attractions like Branch Brook Park and the shopping districts of downtown Newark.
The rental market is characterized by high demand and limited supply, with rent trajectories showing steady growth and significant pressure on vacancy rates.
The local economy is anchored by healthcare, education, and logistics sectors, with significant employment influence from Newark Liberty International Airport and downtown Newark corporate offices.
The area is well-served by extensive bus networks and proximity to major highways including I-78 and the New Jersey Turnpike, facilitating regional connectivity.
Development activity is focused on urban infill and the rehabilitation of existing housing stock rather than large-scale new construction.
The Essex County Board of Taxation oversees assessments, with properties subject to periodic revaluations to align with market values.
Parcels are subject to Newark municipal taxes and Essex County levies, with no significant MUD/PID districts reported.
Property insurance premiums are influenced by urban density and regional risk factors, with market health remaining stable but sensitive to loss history.
Data retrieved from US Census Bureau ACS 5-Year Estimates and DHC profiles.
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.
- American Dream4.59 mi
- Supercharged Entertainment4.816.7 mi
- DreamWorks Water Park4.38.9 mi
- Nickelodeon Universe Theme Park4.58.8 mi
- Color Factory NYC4.410.1 mi
- American Dream4.59 mi
- MetLife Stadium4.58.9 mi
- Madison Square Garden4.710.8 mi
- Yankee Stadium4.716 mi
- Barclays Center4.512 mi
- Times Square4.711.3 mi
- Rockefeller Center4.711.7 mi
- Brooklyn Bridge4.810.6 mi
- The Metropolitan Museum of Art4.812.8 mi
- Central Park4.812.8 mi
- The Metropolitan Museum of Art4.812.8 mi
- Rockefeller Center4.711.7 mi
- Empire State Building4.711.2 mi
- The Museum of Modern Art4.611.8 mi
- American Museum of Natural History4.612.4 mi
- Central Park4.812.8 mi
- 9/11 Memorial & Museum4.89.7 mi
- Bryant Park4.711.4 mi
- The High Line4.710.2 mi
- The Battery4.69.6 mi
- Galloping Hill Golf Course4.44.9 mi
- Puttery4.710 mi
- Dyker Beach Golf Course4.111.8 mi
- Five Iron Golf4.911 mi
- Baltusrol Golf Club4.77 mi
- American Dream4.59 mi
- Chelsea Market4.610.1 mi
- Macy's4.411.1 mi
- The Mills at Jersey Gardens4.54.6 mi
- Hudson Yards4.710.5 mi
- Newark Liberty International Airport3.72.6 mi
- LaGuardia Airport4.117.3 mi
- Teterboro Airport4.411.7 mi
- North Shore University Hospital Heliport4.626.2 mi
- Chico Express3.912 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Large urban park featuring a lake, golf course, and athletic facilities.
Regional cultural anchor located within accessible distance of the ZIP.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.