Scranton appreciation rates and housing market information

Scranton housing market information

With 76,415 people, 35,336 houses or apartments, and a median cost of homes of $146,943, Scranton real estate and house prices are near the national average for all cities and towns.

single-family detached homes are the single most common housing type in Scranton, accounting for 44.21% of the city's housing units. Other types of housing that are prevalent in Scranton include duplexes, homes converted to apartments, or other small apartment buildings (35.05%), large apartment complexes or high rise apartments (14.36%), and a few row houses and other attached homes (6.23%).

The most prevalent building size and type in Scranton are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 48.29% owning, and 40.29% renting.

The housing in Scranton was primarily built before 1939 (62.90%), making the housing stock in Scranton some of the older overall in America, although there is a range of ages of homes in Scranton. The next most important Scranton housing age is 1940-1969 (25.03%), followed by 1970-1994 (11.06%). There's also some housing in Scranton built between 1995 and later (1.01%).

Vacant housing appears to be an issue in Scranton. Fully 11.42% of the housing stock is classified as vacant. Left unchecked, vacant Scranton homes and apartments can be a drag on the real estate market, holding Scranton 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.

Scranton home appreciation rates

Real estate appreciation rates in Scranton have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.88% during the period.

Appreciation rates are so strong in Scranton that despite a nationwide downturn in the housing market, Scranton real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Scranton appreciation rates continue to be some of the highest in America, at 2.62%, which is higher than appreciation rates in 71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Scranton. Scranton appreciation rates in the latest quarter were at 0.50%, which equates to an annual appreciation rate of 2.00%.

Relative to Pennsylvania, our data show that Scranton's latest annual appreciation rate is higher than 67% 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 Scranton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Scranton - 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 1990, to assist you in making the best Scranton real estate investment or home purchase decisions.