Scranton's housing prices have experienced significant increases in recent years, driven by population growth, low unemployment, and infrastructure investments.

Scranton's housing market has seen a notable upward trend, with median home prices rising by approximately 20% between 2020 and 2023. This surge is attributed to several factors. First, population growth has accelerated, with Scranton's population increasing by 2.3% from 2020 to 2022, according to the U.S. Census Bureau. This growth is partly due to young professionals relocating to the area for employment opportunities. Second, unemployment rates in the Scranton-Wilkes-Barre-Hazleton metropolitan area have dropped to 3.5% in 2023, below the national average of 3.8%, attracting workers seeking stable jobs. Additionally, infrastructure projects, such as the $500 million Scranton Transformation Initiative, have revitalized the city, improving transportation and attracting businesses like Amazon and Geisinger Health System. These developments have increased demand for housing, particularly in downtown and near-transit areas. Data from Zillow shows that Scranton's housing inventory fell to a 1.8-month supply in 2023, a historic low, further fueling price appreciation. While affordability concerns have emerged, with 45% of residents spending over 30% of income on housing, the market remains resilient due to sustained economic activity and limited inventory. These trends suggest Scranton's housing prices will likely continue rising unless external economic shocks or policy changes disrupt demand.