Greencastle, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Greencastle, IN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Greencastle Housing Market Information

With 10,529 people, 3,423 houses or apartments, and a median cost of homes of $128,315, house prices in Greencastle are solidly below the national average.

Single-family detached homes are the single most common housing type in Greencastle, accounting for 62.86% of the city's housing units. Other types of housing that are prevalent in Greencastle include large apartment complexes or high rise apartments ( 15.64%), duplexes, homes converted to apartments or other small apartment buildings ( 13.59%), and a few row houses and other attached homes ( 4.38%).

People in Greencastle primarily live in small (one, two or no bedroom) single-family detached homes. Greencastle has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Greencastle's housing was primarily built during this period, from the '40s through the '60s. A full 33.76% of the city's housing hails from this era. Other housing ages represented in Greencastle include homes built between 1970-1999 ( 31.30%) and housing constructed before 1939 ( 22.19%). There's also some housing in Greencastle built between 2000 and later ( 12.75%).

Vacant housing appears to be an issue in Greencastle. Fully 12.39% of the housing stock is classified as vacant. Left unchecked, vacant Greencastle homes and apartments can be a drag on the real estate market, holding Greencastle real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Greencastle Home Appreciation Rates

Appreciation rates for homes in Greencastle have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 14.97%, which ranks in the top 50% nationwide. This equates to an annual average Greencastle house appreciation rate of 1.40%.

Appreciation rates are so strong in Greencastle that despite a nationwide downturn in the housing market, Greencastle real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Greencastle appreciation rates continue to be some of the highest in America, at 8.70%, which is higher than appreciation rates in 85.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Greencastle. Greencastle appreciation rates in the latest quarter were at 1.71%, which equates to an annual appreciation rate of 7.00%.

Importantly, this makes Greencastle one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Indiana, our data show that Greencastle's latest annual appreciation rate is higher than 80% of the other cities and towns in Indiana.

Average Home Values

 

Median Home Value:
$128,315

Greencastle, IN HOME PRICES

Value Range
> $1,149,000 0.0
$862,001 - $1,149,000 0.0
$575,001 - $862,000 1.5
$460,001 - $575,000 0.0
$345,001 - $460,000 1.8
$230,001 - $345,000 4.9
$115,001 - $230,000 45.1
$57,001 - $115,000 37.8
$0 - $57,000 8.9

Average for IN
Low for Nation

Value Relative to Nation Value Relative to State
67.392700729927 59.0497737556561

Number Of Homes And Apartments:
3,423

Greencastle Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
23.07% 1.08%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$827 / per month

Homeownership Rate

Homeownership
Owners 38.07
Renters 61.93
Vacant 12.39

Housing Market Details

 

Age of Homes

AGE OF Greencastle HOMES
2000 or Newer 12.7
1970 - 1999 31.3
1940 - 1969 33.8
1939 or Older 22.2

Types of Homes

TYPE OF Greencastle HOMES
Single-Family 62.9
Townhomes 4.4
Small Apt. Buildings 13.6
Apt. Complexes 15.6
Mobile Homes 2.9
Other 0.7

Home Size

SIZE OF Greencastle HOMES
No Bedroom 3.84
1 Bedroom 14.69
2 Bedrooms 34.22
3 Bedrooms 35.60
4 Bedrooms 6.91
5 or more bedrooms 4.74

Zip Codes in Greencastle, IN