Erie, PA Housing Market

Market Overview

Erie, PA posts a PropertyIQ Score of 96 out of 100, placing it in strong-market territory. The top score drivers are 12-month home value momentum of 9.38 percent, 3-month home value momentum of 0.79 percent, a median days on market of 34 days, and a share of listings with a price cut of 12.7 percent. These metrics point to rising home values and a fast-moving market with relatively limited seller discounting.

Compared with state benchmarks, Erie is more affordable on housing costs. The median home value of $226,103 is well below the state average of $290,401, and the rent index of $1,136 is below the state average of $1,209. However, the median household income of $63,354 also trails the state benchmark of $77,971. The unemployment rate of 4.0 percent is nearly even with the state average of 3.9 percent, indicating a broadly stable labor market.

Supply is lean by local speed measures. Erie has 285 homes for sale and a median days on market of 34 days. No state inventory or days-on-market benchmark is provided, but the 34-day median and 12.7 percent price-cut share suggest steady buyer interest relative to available supply. Population growth is listed as N/A, so demographic momentum cannot be assessed from the available data.

Key Trends

First, home value momentum is strong but may be moderating. The 12-month momentum of 9.38 percent is the top pricing driver, while the 3-month momentum of 0.79 percent is positive but much smaller. The dataset lists a year-over-year home value change of $2; as reported, that raw dollar figure is minimal, so the percentage momentum is the clearer trend signal.

Second, market speed is a defining feature. A median days on market of 34 days and a price-cut share of 12.7 percent are both top score drivers. Homes are selling quickly, and relatively few listings are cutting prices, which points to firm seller conditions.

Third, affordability is a two-sided story. The median home value of $226,103 is about $64,000 below the state average of $290,401, and the rent index of $1,136 is below the state average of $1,209. But the median household income of $63,354 is also below the state benchmark of $77,971, so lower housing costs are partly matched by lower local incomes.

Fourth, inventory appears tight. With 285 homes for sale and a 34-day median days on market, the market is moving faster than many buyers may expect. Unemployment at 4.0 percent versus the state’s 3.9 percent adds a note of labor-market stability, but no population growth figure is available.

Who Is This Market For

Erie’s price point makes it a potential fit for first-time buyers. The median home value of $226,103 is well below the state average of $290,401, which may create an easier entry point for buyers earning the local median household income of $63,354. The rent index of $1,136 is also below the state average of $1,209, giving renters a useful comparison if they are considering ownership.

Investors may be drawn to the market’s demand signals. The PropertyIQ Score of 96 out of 100, 12-month home value momentum of 9.38 percent, median days on market of 34 days, and price-cut share of 12.7 percent all suggest an efficient, competitive market. The rent index of $1,136 offers a baseline income expectation, though rental vacancy, cap rate, and population growth data are not provided.

Move-up buyers should note the tight inventory. With 285 homes for sale and a 34-day median days on market, selling a current home may happen quickly, but finding the next home could be competitive. The low price-cut share suggests many sellers are holding firm on pricing.

Outlook

The data supports a near-term outlook of continued demand with moderating price growth. The PropertyIQ Score of 96 out of 100, 12-month home value momentum of 9.38 percent, median days on market of 34 days, and price-cut share of 12.7 percent all signal a competitive market. However, 3-month momentum of 0.79 percent suggests the pace of appreciation has slowed from the 12-month trend.

Inventory of 285 homes for sale remains a constraint. If the current pace holds, limited supply may continue to support pricing, but the lack of population growth data makes longer-term demand difficult to assess. Unemployment at 4.0 percent is essentially in line with the state average of 3.9 percent, and affordability relative to state averages may continue to attract buyers. Overall, the metrics point to a strong but watchful market.