Erie, PA Housing Market
AI-powered market intelligence for the Erie, PA metro area.
PropertyIQ Scores
Erie, PA Market Analysis
Market Overview
Erie, PA receives a PropertyIQ Score of 93 out of 100, a strong reading. The score’s top drivers are a 12-month home value momentum of 10.51%, a 3-month home value momentum of 0.35%, a median days-on-market of 34 days, and a 13.6% share of listings with a price cut. These indicators suggest firm demand and limited seller discounting. Against state benchmarks, Erie is more affordable but has lower incomes. The median home value is $226,767, well below the state average of $290,552. The median household income is $61,476, compared with $76,081 statewide. The rent index is $1,126, slightly below the state average of $1,162, and the unemployment rate is 4.0%, modestly better than the state average of 4.1%.
Market activity reinforces the strong score. There are 240 homes for sale, and homes take a median of 34 days to sell. Only 13.6% of listings have a price cut, which is a relatively low share. The median home value is down $4 year over year—essentially flat—so the longer-term momentum is stronger than the recent price action.
Key Trends
One trend is cooling price momentum. The 12-month home value momentum of 10.51% is the top score driver, but the 3-month momentum is just 0.35% and the median home value change is $-4 year over year. That points to strong longer-term performance with a flattening near-term trend.
Another trend is a relatively quick, low-discount market. With 240 homes for sale and a median days-on-market of 34, properties are moving in just over a month. The 13.6% share of listings with price cuts indicates sellers are not broadly reducing prices, which supports a balanced-to-tight market.
Affordability is a third trend. Erie’s median home value of $226,767 is about 22% below the state average of $290,552, while median household income is about 19% below the state average of $76,081. The resulting price-to-income ratio is roughly 3.7, slightly better than the state ratio of about 3.8. The rent index of $1,126 is also below the state average of $1,162.
Finally, rental economics appear comparatively favorable. The rent index of $1,126 equates to roughly $13,512 per year. Against the median home value of $226,767, that is a gross yield near 6.0%, compared with about 4.8% using state-level rent index and home value benchmarks.
Who Is This Market For
Erie is well suited to first-time buyers and value-conscious owner-occupants. The median home value is far below the state average, and the price-to-income ratio is slightly more favorable than the state benchmark. Unemployment at 4.0% is modestly better than the state’s 4.1%, which supports households earning near the median income of $61,476.
The market may also appeal to buy-and-hold rental investors. The rent index of $1,126 produces a gross yield near 6.0% against the median home value, compared with about 4.8% at state benchmarks. The 34-day median time on market and low price-cut share suggest that well-priced properties can move quickly.
Move-up buyers may find limited but active inventory. With 240 homes for sale and homes selling in 34 days, buyers should be prepared to act. Since population growth data is not available, demographic-driven demand remains an open question.
Outlook
The data supports a stable, moderately competitive outlook rather than rapid acceleration. The 12-month home value momentum of 10.51% is a clear strength, but the 3-month momentum of 0.35% and the year-over-year median home value change of $-4 suggest price growth has cooled to roughly flat. With homes selling in 34 days and only 13.6% of listings cutting prices, demand appears steady enough to support current pricing. If inventory stays near 240 homes and unemployment holds near 4.0%, Erie is likely to maintain relatively short selling times and limited discounting. The missing population growth data leaves a gap in evaluating long-term demand, but the provided metrics point to stability rather than a sharp price spike.
AI-generated analysis based on current market data. Last updated August 19, 2026.
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Erie, PA market data
Erie, PA Housing Market Overview
Erie, PA's median home value is $227K, up 10.5% over the past year. Homes here sell in a median 34 days. Its PropertyIQ Score of 93 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
The Erie, PA metropolitan area represents a distinct segment of PA's housing landscape. The PropertyIQ Score combines price momentum — how Zillow home values have trended over the past 3 and 12 months — with market-flow signals from Realtor.com that track how fast homes sell and how often sellers cut prices. The result is a single measure of how this market is positioned to outperform or lag its state over the next three years.
The Mid-Atlantic corridor benefits from proximity to major financial centers and government institutions. Housing markets in this region balance urban density with suburban expansion, creating varied opportunities from walkable city neighborhoods to rapidly growing exurbs. Within the Mid-Atlantic, Erie, PA's PropertyIQ Score of 93 ranks among the Mid-Atlantic's stronger demand signals.
Pennsylvania's housing market spans from Philadelphia's dense urban neighborhoods to Pittsburgh's tech-driven renaissance and rural communities in between, offering diverse investment profiles at various price points.
Each month, PropertyIQ updates its score for Erie, PA using four inputs: Zillow ZHVI twelve-month and three-month momentum, Realtor.com median days on market, and the Realtor.com share of listings with price cuts. These four signals are combined into a single 1 to 99 score computed across all metro markets and calibrated so 50 represents the state average, making it a direct read of how this market is positioned to perform relative to its state. Momentum here has been positive, with home values up 10.5% over the past year.
View Erie, PA's complete market profile including historical price trends, score history, and AI-generated analysis. Compare this market against any other US metro to find the best opportunities for your investment strategy.
Counties in the Erie, PA metro area
ZIP codes in the Erie, PA metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Erie, PA a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Erie, PA currently scores 93, a very strong-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $227K, up 10.5% over the past year. So whether Erie, PA is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Erie, PA?
Erie, PA's PropertyIQ Score is 93, indicating very strong momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 93 places Erie, PA above its state benchmark.
Are home prices in Erie, PA rising or falling?
Home prices in Erie, PA are rising. Over the past year, the median home value increased 10.5%, reaching $227K. Over the latest three months, values moved up 0.4%, a sign near-term demand remains firm. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Erie, PA's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Erie, PA?
In Erie, PA, homes sell in a median of 34 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 14% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Erie, PA market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.