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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 21,532 people, 9,145 houses or apartments, and a median cost of homes of $98,542, 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 70.79% of the city's housing units. Other types of housing that are prevalent in New Castle include large apartment complexes or high rise apartments ( 15.12%), duplexes, homes converted to apartments or other small apartment buildings ( 9.49%), and a few row houses and other attached homes ( 3.85%).
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 51.41% owning and 48.59% renting.
The housing in New Castle was primarily built before 1939 ( 46.07%), 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 ( 37.98%), followed by between 1970-1999 ( 15.03%).
Vacant housing appears to be an issue in New Castle. Fully 13.72% 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'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 5.37%, which is lower than 70% of US communities.
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 9.01%, which is higher than appreciation rates in 80.85% 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 2.01%, which equates to an annual appreciation rate of 8.30%.
Relative to Pennsylvania, our data show that New Castle's latest annual appreciation rate is higher than 70% 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.
$98,542
for Pennsylvania
for nation
9,145
$1,332 / per month