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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 40,780, 15,743 total housing units (homes and apartments), and a median house value of $76,513, house prices in Wilkes-Barre 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 Wilkes-Barre, accounting for 47.26% of the city's housing units. Other types of housing that are prevalent in Wilkes-Barre include large apartment complexes or high rise apartments ( 18.53%), duplexes, homes converted to apartments or other small apartment buildings ( 17.51%), and a few row houses and other attached homes ( 16.59%).
The most prevalent building size and type in Wilkes-Barre are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.33% owning and 57.67% renting.
The housing in Wilkes-Barre was primarily built before 1939 ( 51.69%), making the housing stock in Wilkes-Barre some of the oldest overall in America, although there is a range of ages of homes in Wilkes-Barre. The next most important housing age is between 1940-1969 ( 28.88%), followed by between 1970-1999 ( 18.55%).
Vacant housing appears to be an issue in Wilkes-Barre. Fully 17.61% of the housing stock is classified as vacant. Left unchecked, vacant Wilkes-Barre homes and apartments can be a drag on the real estate market, holding Wilkes-Barre 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.
Wilkes-Barre's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Wilkes-Barre during the period has been just -0.90%, which is lower than 70% of US communities.
Appreciation rates are so strong in Wilkes-Barre that despite a nationwide downturn in the housing market, Wilkes-Barre real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wilkes-Barre appreciation rates continue to be some of the highest in America, at 8.60%, which is higher than appreciation rates in 89.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wilkes-Barre. Wilkes-Barre appreciation rates in the latest quarter were at 2.13%, which equates to an annual appreciation rate of 8.80%.
Importantly, this makes Wilkes-Barre 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 Wilkes-Barre's latest annual appreciation rate is higher than 90% 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 Wilkes-Barre differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wilkes-Barre - 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 Wilkes-Barre real estate investment or home purchase decisions.
|$765,001 - $1,019,000||0.1|
|$510,001 - $765,000||0.0|
|$408,001 - $510,000||0.3|
|$306,001 - $408,000||1.2|
|$204,001 - $306,000||2.8|
|$102,001 - $204,000||21.4|
|$51,001 - $102,000||59.3|
|$0 - $51,000||14.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Wilkes-Barre HOMES|
|2000 or Newer||0.9|
|1970 - 1999||18.6|
|1940 - 1969||28.9|
|1939 or Older||51.7|
|TYPE OF Wilkes-Barre HOMES|
|Small Apt. Buildings||17.5|
|SIZE OF Wilkes-Barre HOMES|
|5 or more bedrooms||4.57|