Wilkes-Barre, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Wilkes-Barre Neighborhoods Since 2000




Wilkes-Barre, 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

Wilkes-Barre Housing Market Information

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 Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$76,513

Wilkes-Barre, PA HOME PRICES

Value Range
> $1,019,000 0.6
$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

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
92.4850580100785 90.2415458937198

Number Of Homes And Apartments:
15,743

Wilkes-Barre 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
21.44% 1.13% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$878 / per month

Homeownership Rate

Homeownership
Owners 42.33
Renters 57.67
Vacant 17.61

Housing Market Details

 

Age of Homes

AGE OF Wilkes-Barre HOMES
2000 or Newer 0.9
1970 - 1999 18.6
1940 - 1969 28.9
1939 or Older 51.7

Types of Homes

TYPE OF Wilkes-Barre HOMES
Single-Family 47.3
Townhomes 16.6
Small Apt. Buildings 17.5
Apt. Complexes 18.5
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Wilkes-Barre HOMES
No Bedroom 5.21
1 Bedroom 15.36
2 Bedrooms 20.84
3 Bedrooms 44.20
4 Bedrooms 9.82
5 or more bedrooms 4.57