Scranton, PA Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Scranton, PA Housing Market Trends

With a population of 76,653, 31,039 total housing units (homes and apartments), and a median house value of $111,984, house prices in Scranton are some of the most affordable in Pennsylvania as well as the nation.

Single-family detached homes are the single most common housing type in Scranton, accounting for 47.03% 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 ( 25.86%), large apartment complexes or high rise apartments ( 14.40%), and a few row houses and other attached homes ( 12.52%).

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 45.08% owning and 54.92% renting.

The housing in Scranton was primarily built before 1939 ( 55.02%), 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 ( 25.42%), followed by between 1970-1999 ( 16.33%). There's also some housing in Scranton built between 2000 and later ( 3.22%).

Vacant housing appears to be an issue in Scranton. Fully 14.05% 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

Some of the lowest real estate appreciation rates in America over the last ten years have been in Scranton, where house values have increased just 11.36%, which is annualized rate of 1.08%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 6.80%, 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 2.66%, which equates to an annual appreciation rate of 11.07%.

Relative to Pennsylvania, our data show that Scranton's latest annual appreciation rate is lower than 80% 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:
$111,984

Scranton, PA HOME PRICES

> $1,174,000
0.9%
0.9%
$881,001 - $1,174,000
0.3%
0.3%
$587,001 - $881,000
0.6%
0.6%
$470,001 - $587,000
0.3%
0.3%
$352,001 - $470,000
2.5%
2.5%
$235,001 - $352,000
9.7%
9.7%
$117,001 - $235,000
37.3%
37.3%
$59,001 - $117,000
40.8%
40.8%
$0 - $59,000
7.7%
7.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for PA

Value Relative To Nation

Number Of Homes And Apartments:
31,039

Scranton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
34.09% 1.37%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,058 / per month

Homeownership Rate

Owners
45.1%
45.1%
Renters
54.9%
54.9%
Vacant
14.0%
14.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.2%
3.2%
1970 - 1999
16.3%
16.3%
1940 - 1969
25.4%
25.4%
1939 or Older
55.0%
55.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
47.0%
47.0%
Townhomes
12.5%
12.5%
Small Apt. Buildings
25.9%
25.9%
Apt. Complexes
14.4%
14.4%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
15.5%
15.5%
2 Bedrooms
26.1%
26.1%
3 Bedrooms
41.0%
41.0%
4 Bedrooms
10.5%
10.5%
5 or more bedrooms
4.8%
4.8%
0.0% 100.0%
% OF HOMES