According to a recent article in the Scranton Times, home values have dropped in the Scranton Wilkes-Barre real estate market.
Home prices have shown a decline in recent years in the Scranton real estate market. Price drops were not as fast or significant as markets in Las Vegas, Florida, Arizona and some parts of California.
Those areas were hit hard and fast early on as a result of the real estate bubble.
- CoreLogic a real estate data aggregation firm reported that in the month of August home values fell in the Scranton/Wilkes-Barre/Hazelton metro area by 11%.
- The report went on to say the Scranton Pa metro area fell more than any other metro area in the state. 11% is a substantial adjustment especially for home owners who purchased their homes prior to the real estate collapse.
Inman and other economic advisers predict we will not see a recovery in the market before 2020.
- Buyers are watching statistics, and are far more educated about market trends than they were 5 or 6 years ago. The term buyers market certainly describes today's Scranton real estate environment.
Read the full article Scranton Pa Real Estate 11% drop.
It appears now that the trends seen in other markets are finally catching up here in Scranton Pa.