New Castle, DE 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 2021. 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, DE Housing Market Trends

With a population of 5,392, 2,401 total housing units (homes and apartments), and a median house value of $209,844, New Castle real estate values are some of the lowest in Delaware, although compared to real estate around the nation, New Castle homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in New Castle, accounting for 43.46% of the city's housing units. Other types of housing that are prevalent in New Castle include row houses and other attached homes ( 29.50%), large apartment complexes or high rise apartments ( 17.41%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.64%).

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 63.10% owning and 36.90% renting.

The housing in New Castle was primarily built before 1939 ( 31.66%), 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 ( 29.94%), followed by between 1970-1999 ( 23.67%). There's also some housing in New Castle built between 2000 and later ( 14.73%).

Vacant housing appears to be an issue in New Castle. Fully 12.02% 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 2.15%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, New Castle's appreciation rate, at 8.41%, has been at or slightly above the national average. In the latest quarter, New Castle's appreciation rate has been 3.45%, which annualizes to a rate of 14.54%.

Relative to Delaware, our data show that New Castle's latest annual appreciation rate is lower than 50% of the other cities and towns in Delaware.

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:
$209,844

New Castle, DE HOME PRICES

> $1,149,000
0.9%
0.9%
$862,001 - $1,149,000
0.8%
0.8%
$574,001 - $862,000
2.9%
2.9%
$459,001 - $574,000
1.7%
1.7%
$345,001 - $459,000
7.5%
7.5%
$230,001 - $345,000
29.0%
29.0%
$115,001 - $230,000
51.2%
51.2%
$57,001 - $115,000
4.7%
4.7%
$0 - $57,000
1.2%
1.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for DE

Value Relative To Nation

Number Of Homes And Apartments:
2,401

New Castle Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
DE*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
70.91% 2.52%
2
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,972 / per month

Homeownership Rate

Owners
63.1%
63.1%
Renters
36.9%
36.9%
Vacant
12.0%
12.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.7%
14.7%
1970 - 1999
23.7%
23.7%
1940 - 1969
29.9%
29.9%
1939 or Older
31.7%
31.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
43.5%
43.5%
Townhomes
29.5%
29.5%
Small Apt. Buildings
9.6%
9.6%
Apt. Complexes
17.4%
17.4%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
11.1%
11.1%
2 Bedrooms
24.2%
24.2%
3 Bedrooms
44.4%
44.4%
4 Bedrooms
13.3%
13.3%
5 or more bedrooms
4.3%
4.3%
0.0% 100.0%
% OF HOMES