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Hyde Park Home Values Soar: A Decade of Real Estate Trends in Scranton's Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hyde Park, a neighborhood in Scranton, Pennsylvania, has experienced significant changes in its housing market over the past decade. The area has seen fluctuations in homeownership rates and a notable increase in average home values, reflecting broader economic trends and local market dynamics. Homeownership rates in Hyde Park have remained relatively stable between 2013 and 2022, ranging from 50% to 56%. In 2013, the homeownership rate was 56%, which gradually declined to 50% by 2020, before recovering slightly to 53% in 2022. Concurrently, average home prices have shown a remarkable upward trajectory. Starting at $81,976 in 2013, prices dipped to a low of $70,675 in 2017 before beginning a steady climb. By 2022, the average home price had surged to $122,763, marking a substantial 73.7% increase from the 2017 low.
Federal interest rates have played a crucial role in shaping homeownership trends in Hyde Park. From 2013 to 2016, historically low interest rates ranging from 0.09% to 0.40% coincided with relatively stable homeownership rates between 51% and 56%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, a slight dip in homeownership rates to 50% was observed in 2017 and 2020. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in Hyde Park has exhibited an inverse relationship to homeownership rates. The percentage of renters increased from 44% in 2013 to a peak of 50% in 2017 and 2020, before settling at 47% in 2022. Average rent prices have generally trended upward during this period, rising from $784 in 2013 to $818 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $845. These trends suggest that as home prices increased, more residents may have opted for renting, putting upward pressure on rental prices.
In recent years, Hyde Park has continued to see growth in average home prices. The average home price reached $129,374 in 2023 and further increased to $139,929 in 2024, representing a 14% increase from 2022 to 2024. Simultaneously, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that average home prices in Hyde Park may continue to rise over the next five years, potentially reaching around $160,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In conclusion, Hyde Park has experienced a resurgence in average home prices since 2017, with homeownership rates remaining relatively stable. The rental market has seen steady growth in both occupancy and prices, reflecting the area's changing demographics and economic conditions. The recent sharp increase in interest rates, coupled with rising home prices, may influence future homeownership trends and affordability in this Scranton neighborhood.
