New Castle, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating New Castle Neighborhoods Since 2000




New Castle, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

New Castle Housing Market Information

With 17,621 people, 7,369 houses or apartments, and a median cost of homes of $73,956, house prices in New Castle are some of the most affordable in Indiana as well as the nation.

Single-family detached homes are the single most common housing type in New Castle, accounting for 68.80% of the city's housing units. Other types of housing that are prevalent in New Castle include large apartment complexes or high rise apartments ( 14.62%), duplexes, homes converted to apartments or other small apartment buildings ( 12.99%), and a few mobile homes or trailers ( 1.92%).

People in New Castle primarily live in small (one, two or no bedroom) single-family detached homes. New Castle 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. New Castle's housing was primarily built during this period, from the '40s through the '60s. A full 41.55% of the city's housing hails from this era. Other housing ages represented in New Castle include homes built before 1939 ( 27.42%) and housing constructed between 1970-1999 ( 24.59%). There's also some housing in New Castle built between 2000 and later ( 6.43%).

Vacant housing appears to be an issue in New Castle. Fully 18.55% of the housing stock is classified as vacant. Left unchecked, vacant New Castle homes and apartments can be a drag on the real estate market, holding New Castle 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.

New Castle Home Appreciation Rates

New Castle's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Castle during the period has been just -1.11%, which is lower than 70% of US communities.

Over the last year, New Castle appreciation rates have trailed the rest of the nation. In the last twelve months, New Castle's appreciation rate has been -2.07%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Castle were at -1.14%, which equates to an annual appreciation rate of -4.49%.

Notably, New Castle's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Indiana, our data show that New Castle's latest annual appreciation rate is lower than 90% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within New Castle differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Castle - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best New Castle real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$73,956

New Castle, IN HOME PRICES

Value Range
> $1,023,000 0.3
$768,001 - $1,023,000 0.1
$512,001 - $768,000 0.4
$409,001 - $512,000 0.6
$307,001 - $409,000 0.6
$205,001 - $307,000 3.1
$103,001 - $205,000 20.9
$51,001 - $103,000 44.0
$0 - $51,000 29.9

Very Low for IN
Very Low for Nation

Value Relative to Nation Value Relative to State
93.6306105707254 95.7013574660634

Number Of Homes And Apartments:
7,369

New Castle Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-14.97% -0.94% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$746 / per month

Homeownership Rate

Homeownership
Owners 57.15
Renters 42.85
Vacant 18.55

Housing Market Details

 

Age of Homes

AGE OF New Castle HOMES
2000 or Newer 6.4
1970 - 1999 24.6
1940 - 1969 41.5
1939 or Older 27.4

Types of Homes

TYPE OF New Castle HOMES
Single-Family 68.8
Townhomes 1.7
Small Apt. Buildings 13.0
Apt. Complexes 14.6
Mobile Homes 1.9
Other 0.0

Home Size

SIZE OF New Castle HOMES
No Bedroom 1.27
1 Bedroom 15.68
2 Bedrooms 38.31
3 Bedrooms 35.21
4 Bedrooms 8.14
5 or more bedrooms 1.39