Scranton, PA Housing Market

Market Overview

Scranton’s PropertyIQ Score of 90 out of 100 indicates a strong market. The score is driven by solid home value momentum—7.17% over 12 months and 3.12% over 3 months—along with a median days-on-market figure of 44 days and a 21.0% share of listings with a price cut. These metrics point to steady buyer interest and reasonably quick turnover, though sellers are still making some price adjustments.

Compared with state benchmarks, Scranton is more affordable on the purchase side. The median home value is $235,727, below the state average of $290,401. However, the rent index of $1,358 is above the state average of $1,209, which may signal stronger relative rental demand. The unemployment rate is 4.2%, modestly above the state average of 3.9%, and median household income is $65,158, below the state average of $77,971. Population growth is not available in the provided data, so demographic momentum cannot be measured directly.

Overall, the 90/100 score positions Scranton as a strong but not overheated market. The combination of lower home values, quick sales, and moderate price cuts creates an environment where demand is present, but buyers may still find room to negotiate.

Key Trends

One trend is sustained home value momentum. The 12-month momentum of 7.17% and 3-month momentum of 3.12% indicate that home values have been moving upward. With a median home value of $235,727, Scranton remains below the state median of $290,401, which may support continued interest from value-conscious buyers.

A second trend is a fast but balanced sales pace. Median days on market is 44 days, suggesting homes are selling relatively quickly. At the same time, 21.0% of listings have a price cut, meaning not every seller is getting full asking price. With 1,109 homes for sale, supply is present, but the pace of absorption appears steady.

A third trend is rental strength relative to the state. Scranton’s rent index of $1,358 is higher than the state average of $1,209. This may make owning more attractive for some renters and can also support investor interest in rental properties.

A fourth trend is an affordability gap. Median household income in Scranton is $65,158, below the state average of $77,971, and the unemployment rate is 4.2% versus 3.9% statewide. Even though home values are lower than the state average, local incomes may limit how much buyers can stretch. The provided year-over-year home value figure is $8, which is modest and appears different from the percentage momentum readings; this may reflect a data-specific measurement.

Who Is This Market For

Scranton may be a good fit for first-time buyers because the median home value of $235,727 is well below the state average of $290,401. Lower home prices can make entry more accessible, though the local median household income of $65,158 is also below the state average, so buyers may need to budget carefully.

Rental property investors may find this market attractive because the rent index of $1,358 is above the state average of $1,209, and the median days on market of 44 days suggests steady tenant demand and quicker turnovers. The 21.0% share of listings with a price cut may also create negotiation opportunities for investors looking to buy below asking price.

Move-up buyers could benefit from home value momentum. With 12-month momentum at 7.17% and 3-month momentum at 3.12%, existing homeowners may be building equity. A 44-day median market time also means that selling a current home may be relatively efficient, though move-up buyers should weigh local income and employment conditions.

Outlook

The data supports a stable-to-firming outlook for Scranton. The 3-month home value momentum of 3.12% and 12-month momentum of 7.17% suggest that values are still trending upward in the near term. A median days-on-market figure of 44 days and a 21.0% price-cut share point to active demand, but not an extreme seller’s market. With 1,109 homes for sale, there is enough inventory to keep conditions from becoming too tight.

Affordability relative to the state average may continue to draw buyers, but the local unemployment rate of 4.2% and median household income of $65,158 are weaker than state benchmarks, which could temper demand. The rent index of $1,358, above the state average of $1,209, may keep rental interest strong. Population growth is not available, so longer-term demographic demand remains an open question. Overall, the numbers point to continued market strength with some balancing forces.