New Castle, IN Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Castle, IN Housing Market Trends

With 17,113 people, 7,170 houses or apartments, and a median cost of homes of $108,146, 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 69.98% of the city's housing units. Other types of housing that are prevalent in New Castle include large apartment complexes or high rise apartments ( 12.57%), duplexes, homes converted to apartments or other small apartment buildings ( 11.37%), and a few mobile homes or trailers ( 4.27%).

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 43.37% of the city's housing hails from this era. Other housing ages represented in New Castle include homes built before 1939 ( 26.64%) and housing constructed between 1970-1999 ( 24.63%). There's also some housing in New Castle built between 2000 and later ( 5.36%).

Vacant housing appears to be an issue in New Castle. Fully 20.31% 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

Real estate appreciation rates in New Castle's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.20% during the period.

Appreciation rates are so strong in New Castle that despite a nationwide downturn in the housing market, New Castle real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Castle appreciation rates continue to be some of the highest in America, at 6.27%, which is higher than appreciation rates in 70.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Castle. New Castle appreciation rates in the latest quarter were at 2.41%, which equates to an annual appreciation rate of 9.99%.

Relative to Indiana, our data show that New Castle's latest annual appreciation rate is higher than 70% 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:
$108,146

New Castle, IN HOME PRICES

> $1,210,000
0.7%
0.7%
$907,001 - $1,210,000
0.2%
0.2%
$606,001 - $907,000
0.5%
0.5%
$484,001 - $606,000
0.2%
0.2%
$363,001 - $484,000
0.8%
0.8%
$242,001 - $363,000
3.7%
3.7%
$121,001 - $242,000
22.8%
22.8%
$61,001 - $121,000
43.0%
43.0%
$0 - $61,000
28.0%
28.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
7,170

New Castle Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
10.20% 0.46%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$911 / per month

Homeownership Rate

Owners
58.1%
58.1%
Renters
41.9%
41.9%
Vacant
20.3%
20.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.4%
5.4%
1970 - 1999
24.6%
24.6%
1940 - 1969
43.4%
43.4%
1939 or Older
26.6%
26.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.0%
70.0%
Townhomes
1.8%
1.8%
Small Apt. Buildings
11.4%
11.4%
Apt. Complexes
12.6%
12.6%
Mobile Homes
4.3%
4.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.6%
3.6%
1 Bedroom
11.5%
11.5%
2 Bedrooms
39.5%
39.5%
3 Bedrooms
35.2%
35.2%
4 Bedrooms
8.7%
8.7%
5 or more bedrooms
1.5%
1.5%
0.0% 100.0%
% OF HOMES