Scranton, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Scranton Neighborhoods Since 2000




Scranton, PA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Scranton Housing Market Information

With 77,118 people, 28,946 houses or apartments, and a median cost of homes of $99,582, house prices in Scranton are solidly below the national average.

Single-family detached homes are the single most common housing type in Scranton, accounting for 48.55% 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 ( 26.16%), large apartment complexes or high rise apartments ( 14.00%), and a few row houses and other attached homes ( 10.86%).

The most prevalent building size and type in Scranton are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.07% owning and 51.93% renting.

The housing in Scranton was primarily built before 1939 ( 57.48%), making the housing stock in Scranton some of the oldest overall in America, although there is a range of ages of homes in Scranton. The next most important housing age is between 1940-1969 ( 26.42%), followed by between 1970-1999 ( 13.55%). There's also some housing in Scranton built between 2000 and later ( 2.55%).

Vacant housing appears to be an issue in Scranton. Fully 13.79% 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

Scranton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Scranton during the period has been just -1.85%, which is lower than 80% of US communities.

Over the last year, Scranton appreciation rates have trailed the rest of the nation. In the last twelve months, Scranton's appreciation rate has been 2.05%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Scranton were at 2.13%, which equates to an annual appreciation rate of 8.80%.

Importantly, this makes Scranton one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Pennsylvania, our data show that Scranton's latest annual appreciation rate is lower than 50% 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 2000, to assist you in making the best Scranton real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$99,582

Scranton, PA HOME PRICES

Value Range
> $985,000 0.2
$739,001 - $985,000 0.3
$492,001 - $739,000 0.7
$394,001 - $492,000 0.5
$296,001 - $394,000 2.3
$197,001 - $296,000 7.2
$98,001 - $197,000 39.7
$49,001 - $98,000 41.2
$0 - $49,000 8.0

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
77.797960857846 76.9082125603865

Number Of Homes And Apartments:
28,946

Scranton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
11.14% 0.61% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$978 / per month

Homeownership Rate

Homeownership
Owners 48.07
Renters 51.93
Vacant 13.79

Housing Market Details

 

Age of Homes

AGE OF Scranton HOMES
2000 or Newer 2.5
1970 - 1999 13.5
1940 - 1969 26.4
1939 or Older 57.5

Types of Homes

TYPE OF Scranton HOMES
Single-Family 48.5
Townhomes 10.9
Small Apt. Buildings 26.2
Apt. Complexes 14.0
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Scranton HOMES
No Bedroom 1.95
1 Bedroom 15.70
2 Bedrooms 26.41
3 Bedrooms 40.77
4 Bedrooms 10.49
5 or more bedrooms 4.68