Yes, that's right!!! Scranton, PA is rated by CNN's Money Magazine as 7th in the list of "Fastest Growing Real Estate Markets". I'd say that's pretty impressive. It's also something I've been saying for a long time now.
Our market is solid!! I wouldn't call it " recession-proof". We have our issues, but we haven't experienced the stellar growth of many markets who are now suffering the woes of double digit losses in home values and foreclosure rates that are through the roof. No, we've taken the slow and steady route and it shows in our current statistics, taken from the following article... http://finance.yahoo.com/real-estate/article/105048/10-Fastest-Growing-Real-Estate-Markets
7. Scranton, P.A.
12-month forecast: 2.2%
Median home price: $128,000
One year price change: 7.2%
Five year price change: 41.1%
Change in foreclosure rate: 8%
As you can see, we're expecting very big things over the next few years. For years there has been talk of extending the rail system to make a connection from NYC straight to the Scranton/Wilkes-Barre market. This will mean a huge boom for the area in housing prices for both home sales and rentals. That in turn will mean a lot for the savvy buyer who get's in on the action now, while the prices are still within reason.
If you are interested in learning more about the Wilkes-Barre/Scranton market, contact me today or check out my website at www.wilkesbarrehomesales.com.
My name is Andrew Trevino. I am a Realtor, working in the Wilkes-Barre, PA area, and I'm affiliated with TradeMark Realtors Group. Thanks for investing your time in reading my blog. If you're interested in contacting me, please visit my website at http://www.wilkesbarrehomesales.com/