Scranton PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Scranton Housing Market Information

With a population of 76,653, 30,386 total housing units (homes and apartments), and a median house value of $114,953, 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 47.18% 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 ( 25.66%), large apartment complexes or high rise apartments ( 14.66%), and a few row houses and other attached homes ( 12.29%).

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 46.48% owning and 53.52% renting.

The housing in Scranton was primarily built before 1939 ( 55.08%), 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 ( 26.10%), followed by between 1970-1999 ( 15.81%). There's also some housing in Scranton built between 2000 and later ( 3.01%).

Vacant housing appears to be an issue in Scranton. Fully 14.27% 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 3.45%, which is annualized rate of 0.34%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 5.22%, which is higher than appreciation rates in 75.99% 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 0.49%, which equates to an annual appreciation rate of 1.96%.

Notably, Scranton's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Pennsylvania, our data show that Scranton's latest annual appreciation rate is higher 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:
$114,953

Scranton, PA HOME PRICES

Value Range
> $1,165,000 0.5
$874,001 - $1,165,000 0.3
$582,001 - $874,000 0.3
$466,001 - $582,000 0.3
$350,001 - $466,000 2.9
$233,001 - $350,000 8.6
$116,001 - $233,000 37.7
$58,001 - $116,000 41.3
$0 - $58,000 8.1

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
78.7970802919708 77.1235521235521

Number Of Homes And Apartments:
30,386

Scranton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
31.14% 1.31%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,035 / per month

Homeownership Rate

Homeownership
Owners 46.48
Renters 53.52
Vacant 14.27

Housing Market Details

 

Age of Homes

AGE OF Scranton HOMES
2000 or Newer 3.0
1970 - 1999 15.8
1940 - 1969 26.1
1939 or Older 55.1

Types of Homes

TYPE OF Scranton HOMES
Single-Family 47.2
Townhomes 12.3
Small Apt. Buildings 25.7
Apt. Complexes 14.7
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Scranton HOMES
No Bedroom 2.20
1 Bedroom 15.59
2 Bedrooms 25.62
3 Bedrooms 41.50
4 Bedrooms 10.98
5 or more bedrooms 4.11