A Look at the Buyer and Renter Markets of Newcastle, WA
Nestled between Factoria to its north and Renton to its south, Newcastle is very pleasant, upscale town in the Greater Seattle-Bellevue metropolitan complex. Newcastle is often overlooked in discussions of the most desirable real estate markets in this area. There are a few reasons for this. For one, Newcastle is overshadowed a bit (literally and figuratively) by Bellevue, which is just footsteps away to the north. Currently, Bellevue is where the important developments are taking place, and so it tends to steal the attention of surveyors. But there are many reasons why potential home buyers and renters should give Newcastle its due consideration. In this post, we will look at some of the hard numbers on the buyer and renter markets of Newcastle. Hopefully, these numbers can help would-be buyers and renters in their decision-making process.
Buyer Market Data
For current data on the buyer market of Newcastle, we can look to Zillow. As of August 31, 2019, the median home value in Newcastle is $820,000 (approximately). This figure of $820,000 represents a decrease of 1.7% from the previous figure at this time last year (August of 2018). Zillow projects an additional decline of 0.7% between August 2019 and August 2020. These data would seem to indicate that Newcastle is currently a buyer’s market, although it isn’t classified as such by Zillow at the moment. The median price of homes currently listed is $939,925.
Renter Market Data
The data on the renter market of Newcastle presents a picture which is more favorable to renters than other cities on the east side. As of April, 2019, the average rental price for a 1 bedroom apartment in Newcastle is $1,623. The average rent for a 2 bedroom apartment is $1,947. These figures are from Rent Jungle. Although these figures are from April, the current figures in October are likely quite similar, although a bit higher. Again, both of these figures are better than the figures found in most other markets on the east side. For instance, in the city of Bellevue, the average rent for a 1 bedroom is $2,074, and for a 2 bedroom the average rent is $2,686. Both of these figures are also current as of April, 2019. The average rent for a 2 bedroom in Bellevue is more than $700 more than the rent in Newcastle!
Concluding Remarks
Clearly, based on the data we have, we can say that Newcastle is an attractive market for both buyers and renters. Newcastle may present an excellent opportunity for residents who wish to commute to downtown Bellevue for work but don’t want to pay Bellevue prices for a purchase or rental. Newcastle also offers access to high quality schools, parks, a lovely downtown area, and a host of other attractions. Even though it’s often overlooked, you may want to think seriously about Newcastle if you’re planning to either rent or buy in the near future.
Image credit: Rose Braverman