New Castle, IN—47362
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Castle, IN
As of Oct '25, the median home price in New Castle, IN is $164,000, with a year-over-year change of 4.2%. This indicates that home prices in New Castle, IN are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $164,000 | 4.2% |
| Single Family | $163,000 | 3.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $74,000 | -3.9% |
2 Bed | $107,000 | 0.0% |
3 Bed | $189,000 | 5.0% |
4 Bed | $228,000 | 4.6% |
| 5 Bed | $256,000 | 4.9% |
% of Housing Stock
Rental Trends — New Castle, IN
As of July '25, Rentcast reports the average rent in New Castle, IN is $936, with a year-over-year rent change of 13.6%. Per bedroom, the median rent as of July '25 in New Castle, IN is 1-bedrooms: $709, 2-bedrooms: $915, 3-bedrooms: $1,250. The most common rental property sizes in New Castle, IN are 2-bedroom and 1-bedroom, accounting for 42.1% and 26.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $875 | $936 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $695 | $709 |
| 2 Bed Rent | $895 | $915 |
| 3 Bed Rent | $1,240 | $1,250 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — New Castle, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in New Castle, IN is 64. This is a increase of 32.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $187,000 | -3.0% |
Listing Count | 107 | -4.0% |
| Listings as % of Homes | 0.4% | -4.0% |
Days on Market | 64 | 32.0% |
Demographics — New Castle, IN
As of the latest ACS Survey released in 2023, New Castle, IN has a population of 29,400, which has decreased by -1.9% over the past 5 years. New Castle, IN is a moderately popular place for families, as children make up 18.7% of the population. The area has a poorly educated workforce, with 14.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,400 | -1.9% |
% Under 18 | 18.7% | -5.1% |
% Seniors | 19.1% | 4.4% |
% WFH | 7.3% | 180.8% |
% w/ College Degree | 14.8% | -6.9% |
As of the latest ACS Survey released in 2023, New Castle, IN is a predominantly white area, with 90.2% of the population identifying as white. The white population has shrunk by 1.8% in the last 5 years. The second most common race or ethnicity in New Castle, IN is black, making up 3.5% of the population. Foreign-born residents account for 1.6% of the population in New Castle, IN, and this percentage has increased by 60.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.2% | -1.8% |
% Black | 3.5% | -2.8% |
% Hispanic | 2.5% | 38.9% |
% Asian | 0.7% | 0.0% |
% Foreign Born | 1.6% | 60.0% |
Mortgage and Risk — New Castle, IN
According to HUD data as of 2023, there were 512 mortgage originations in New Castle, IN, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in New Castle, IN. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 512 |
% Conventional Loans | 69.0% |
% Government Loans | 31.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — New Castle, IN
New Castle, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 657 |
Total Units Section 8 | 501 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 96.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $35 | $695 | $730 |
| 2 Bedroom | $35 | $895 | $930 |
| 3 Bedroom | -$110 | $1,240 | $1,130 |
| 4 Bedroom | N/A | N/A | $1,250 |
Affordability — New Castle, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $164,000 |
| Median Household Income | $56,600 |