Scranton Named Second Cheapest City for Homebuyers

With a median home price of $427,250 in the country as of September, most buyers are looking for a bargain.

Add in rising mortgage rates and some buyers may find themselves reevaluating what their must-haves are. However, there is one area in Pennsylvania that was just named the second cheapest metro for homebuyers, according to Realtor.com®. In Scranton, the median home listing price in September was just $225,000 or $124 per square foot, allowing buyers a little more wiggle room as they search for a home.

“I went to school and lived in San Jose, California and Key West, Florida and I’ve always felt as though the Scranton area was one of the best kept secrets,” said Greater Scranton Board of Realtors® President-elect Hollie Hunter Suraci. “We’re only a two-hour drive from Manhattan and Philadelphia, you can go to dinner or a Broadway show and be back home in a reasonable hour. I’ve found that many people who have grown up here choose colleges in larger metropolitan areas, but then return to raise their families. The pandemic made many millennials realize what a value our area is, they were able to work remotely and could purchase a home with a yard rather than pay upwards of $3,000 a month rent for under 800 square feet.”

However, buyers should move quickly. The report found that prices per square foot grew higher than the national average year over year, jumping 20%, compared to 12%. Yet, prices in Lackawanna County, where Scranton is located, were up 10.8% year over year in September, which is below the national jump of 14% year over year.