Scranton, Pennsylvania is the sixth largest city in the state, with a population of 76,089 people. It’s comprised of six sections: Downtown, South Side, West Side, Minooka, East Scranton which is also called the Hill Section, and North Scranton. Each of these regions offers their own charm when searching for a new home.
Two major attractions in Scranton are the sports teams and rich history. Hockey, baseball, soccer, and basketball teams are in the city, and there are a variety of historical landmarks and museums that make the city’s history come alive.
Continue reading to learn about the real estate market in this historic city, and for tips to get a mortgage in Scranton, Pennsylvania.
Scranton Real Estate Market
As with many areas of Pennsylvania, Scranton real estate was hard hit by the housing crisis that soured home values throughout the entire country.
Zillow’s average home value in Scranton is $79,100, as of the writing of this article, which is much lower than neighboring cities such as Waverly and Clarks Summit. The national average for home values is $184,600, and the average home value in Pennsylvania is $151,800.
Scranton’s low home values mean that homebuyers can afford a larger home in the city than in surrounding suburbs. Scranton’s housing market has seen a decrease in home values in the past year of about 2.5 percent, but Zillow estimates that the average value of homes in this area will go up about 1.7 percent in the next year. So, searching for a home in Scranton is perfect for buyers looking for a great deal.
Scranton Housing Prices Projected to Continue Rising
As the sixth largest city in Pennsylvania, Scranton is a very popular city thanks to large city qualities, while having a modest population of 75,000. Therefore, residents get the best of both worlds in Scranton, which is evident in projections that housing prices will continue to rise.
With Scranton housing prices below the state and national averages, an increasing number of families and investors are realizing the opportunities in the city. As a result, these conditions should continue to translate into increasing home values as more people discover the charm of Scranton and the surrounding area.
Getting a Mortgage in Scranton, Pennsylvania
Scranton offers homebuyers excellent value, so it’s important to know how to get a mortgage to fund a home purchase in this city.
Before you start looking for a home, contact your mortgage broker to be pre-qualify for a home mortgage, which will allow you to immediately start working with a Realtor as a qualified buyer. Then as you search for a home, you can go through the longer process of being pre-approved for a home mortgage.
Once you are pre-approved for a mortgage, the lender will submit your application to underwriting, along with all the supporting documentation. After meeting the remaining conditions, you will receive a “clear to close”, and the lender will send the paperwork for closing to the title company / closing agent. Lastly, you will close on your home.
Marimark Mortgage is a Scranton Mortgage Broker serving the mortgage needs of borrowers in all of Pennsylvania.
As a mortgage originator, we specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve also worked extensively with a variety of refinancing options to help clients lower their payments on their home.