Readers’ Choice Awards
Looking Back at the Scranton Real Estate Market in 2020
Over the years, we’ve been thankful for the support of our clients and real estate professionals, who have been instrumental to our success. Their trust and confidence helped us navigate the challenges brought on by the COVID-19 pandemic and one of the most unique periods in recent real estate history.
Looking back, connecting buyers and sellers in the Scranton real estate market required new approaches and a willingness to adapt to rapidly changing conditions.
In 2020, the Greater Scranton market shifted from balanced to strongly seller-favored. The absorption rate (the rate at which homes are selling over a specific period of time) dropped from 6.44 from July 2019 to 4.02 in July 2020. Meanwhile, housing inventory continued trending downward.*
What Buyers and Sellers Faced in 2020
Although housing in Northeastern Pennsylvania remained among the most affordable in the nation, affordability was beginning to decline in many markets. As a result, both home buyers and home sellers in the Scranton real estate market faced new challenges and opportunities.
The market conditions of 2020 ultimately helped shape the years that followed, as low inventory, increased competition, and changing buyer preferences became defining trends throughout the region.
Supporting Clients Through Changing Market Conditions
Our network of REALTORS® worked closely with buyers and sellers throughout 2020, helping them navigate uncertainty and make informed real estate decisions despite unprecedented circumstances.
During that time, Realty Network Group was nominated in the Times-Tribune Readers’ Choice Awards for both Best Real Estate Agency and Best Real Estate Website, a reflection of the trust our clients and community have placed in us over the years.
As we look back on this period, we’re thankful for those who supported our team and proud of the relationships we’ve built throughout Northeastern Pennsylvania.
* Greater Scranton Board of REALTORS® stats
* Readers’ Choice Awards – Times-Tribune
