Recovery of home values across the nation since the Great Recession has been uneven to say the least. Roughly half of the markets have recuperated. Of the major metros, the top 5 to nearly recover all their value over the past decade are Denver, CO (99.6%), San Antonio, TX (98.8%), Austin, TX (98.7%), San Jose, CA (98.7%) and Nashville, TN (97.9%). Whereas, the bottom 5 major metros to experience only a small fraction of their pre-recession values are Baltimore, MD (8.7%), Riverside, CA (6.5%), Orlando, FL (5.4%), Hartford, CT (3.7%) and Las Vegas, NV (0.8%). From a quick glance, one discovers these rebounds and severe deficiencies aren’t specific to a particular area of the country. Instead, the numbers are geographically sporadic at best.
The same goes for Northeastern Pennsylvania. Markets in the Greater Scranton area have fluctuated since the Great Recession. As a whole, Lackawanna county has been stable, similar to those top five major metros, rebounding roughly 98.2% of its pre-recession value.
Within our county (Lackawanna), here are how the school districts stack up against one another in either exceeding or falling short of those pre-recession home values:
|School District||% change in closed sales||% change in average sales price||% change in days on market|
|Forest City Regional||-33.9%||-29.6%||-19.2%|
Lackawanna County Home Values – All data from the Greater Scranton Board of REALTORS® (GSBR).
Since a decade ago, Lakeland has exhibited the best bounceback in home values: $143,397 (June 2007-June 2008) to $163,735 (June 2017-June 2018). It also had 40 more closed sales: 96 sales (June 2017-June 2018) versus 56 sales (June 2007-June 2008). Valley View experienced the most significant drop in market time: 58 days on market (June 2017-June 2018) versus 91 days on market (June 2007-June 2008). Lakeland, Dunmore and Valley View all appear to be very good shape in relation to where they were ten years ago.