Metropolitan Statistical Area (MSA):
New Castle, PA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the real estate market in the New Castle, PA metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching record highs in 2006 and 2007, prices came crashing down during the Great Recession of 2008 and 2009. However, since bottoming out in 2010, prices have been steadily rising once again and are now approaching pre-recession levels.
One of the most notable trends in the New Castle MSA housing market is the increasing popularity of "flipping" houses. This is where investors purchase properties at a discount, make some quick renovations, and then sell them for a profit. Due to the large number of foreclosures and short sales in recent years, there have been plenty of opportunities for flipping houses in this market.
Another trend that has been occurring is an increase in new construction. This is likely due to the fact that land prices have come down from their peak levels and builders are once again able to profitably build new homes. This is good news for buyers who are looking for brand-new homes, but it does put upward pressure on prices overall.
If you are thinking about buying a home in the New Castle MSA, now may be a good time to do so. Prices are rising but they are still below pre-recession levels and there is a good selection of homes available on the market. However, you will need to be prepared to compete with other buyers who are also looking to take advantage of these favorable conditions.