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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



New Castle, PA 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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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, PA Housing Market Trends

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 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 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.

Average Home Values

Median Home Value

$98,542

New Castle, PA Home Prices
> $1,373,000
$1,030,001 - $1,373,000
$687,001 - $1,030,000
$549,001 - $687,000
$412,001 - $549,000
$274,001 - $412,000
$137,001 - $274,000
$69,001 - $137,000
$0 - $69,000
0.1%
0.1%
0.0%
0.0%
0.1%
0.1%
1.0%
1.0%
0.1%
0.1%
3.2%
3.2%
18.3%
18.3%
46.3%
46.3%
31.0%
31.0%
0% 100.0%
% of Homes
Very Low

for Pennsylvania

Very Low

for nation

Number of Homes And Apartments:

9,145

New Castle Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,332 / per month

Homeownership Rate

Owners
Renters
51.4%
51.4%
48.6%
48.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.7%
13.7%
86.3%
86.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
0.9%
0.9%
15.0%
15.0%
38.0%
38.0%
46.1%
46.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
70.8%
70.8%
3.8%
3.8%
9.5%
9.5%
15.1%
15.1%
0.7%
0.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.0%
3.0%
14.4%
14.4%
24.3%
24.3%
44.7%
44.7%
11.2%
11.2%
2.5%
2.5%
0% 100.0%
% of Homes