New Castle, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating New Castle Neighborhoods Since 2000




New Castle, PA 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 a population of 22,375, 9,579 total housing units (homes and apartments), and a median house value of $62,687, house prices in New Castle are some of the most affordable in Pennsylvania as well as the nation.

Single-family detached homes are the single most common housing type in New Castle, accounting for 71.05% of the city's housing units. Other types of housing that are prevalent in New Castle include duplexes, homes converted to apartments or other small apartment buildings ( 13.25%), large apartment complexes or high rise apartments ( 12.35%), and a few row houses and other attached homes ( 3.03%).

The most prevalent building size and type in New Castle are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.41% owning and 45.59% renting.

The housing in New Castle was primarily built before 1939 ( 47.11%), making the housing stock in New Castle some of the oldest overall in America, although there is a range of ages of homes in New Castle. The next most important housing age is between 1940-1969 ( 38.66%), followed by between 1970-1999 ( 13.60%).

Vacant housing appears to be an issue in New Castle. Fully 15.95% 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

Appreciation rates for homes in New Castle have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.21%, which ranks in the top 50% nationwide. This equates to an annual average New Castle house appreciation rate of 0.22%.

NeighborhoodScout's data show that during the latest twelve months, New Castle's appreciation rate, at 3.29%, has been at or slightly above the national average. In the latest quarter, New Castle's appreciation rate has been -1.59%, which annualizes to a rate of -6.20%.

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

Relative to Pennsylvania, our data show that New Castle's latest annual appreciation rate is higher than 60% of the other cities and towns in Pennsylvania.

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:
$62,687

New Castle, PA HOME PRICES

Value Range
> $1,061,000 0.2
$796,001 - $1,061,000 0.0
$531,001 - $796,000 0.5
$425,001 - $531,000 0.1
$319,001 - $425,000 1.5
$212,001 - $319,000 1.0
$106,001 - $212,000 9.9
$53,001 - $106,000 47.0
$0 - $53,000 40.0

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
97.4686511191843 96.231884057971

Number Of Homes And Apartments:
9,579

New Castle Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
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
22.06% 1.16% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$900 / per month

Homeownership Rate

Homeownership
Owners 54.41
Renters 45.59
Vacant 15.95

Housing Market Details

 

Age of Homes

AGE OF New Castle HOMES
2000 or Newer 0.6
1970 - 1999 13.6
1940 - 1969 38.7
1939 or Older 47.1

Types of Homes

TYPE OF New Castle HOMES
Single-Family 71.0
Townhomes 3.0
Small Apt. Buildings 13.2
Apt. Complexes 12.3
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF New Castle HOMES
No Bedroom 3.51
1 Bedroom 12.09
2 Bedrooms 27.13
3 Bedrooms 42.30
4 Bedrooms 13.38
5 or more bedrooms 1.59