Oil City, PA Housing Market

Market Overview

Oil City, PA’s PropertyIQ score of 74 out of 100 places it in moderately balanced territory. The score is supported by a 12-month home value momentum rate of 6.41 percent and a median days-on-market figure of 52 days, but it is tempered by a 3-month momentum rate of -0.39 percent and a 14.9 percent share of listings with a price cut. Compared with state benchmarks, Oil City is substantially more affordable: the median home value of $131,271 is less than half the Pennsylvania average of $290,401, and the rent index of $892 is well below the state average of $1,162. At the same time, the median household income of $61,626 trails the state average of $76,081, while the unemployment rate of 3.9 percent matches the state benchmark.

With 128 homes for sale and a median time on market of 52 days, the market is not overheated, but it is not stagnant either. The share of listings with a price cut, 14.9 percent, suggests sellers are adjusting prices to attract buyers. Overall, the 74/100 score reflects a market with affordability and steady activity, but also some recent softness in price momentum and a lower local income base.

Key Trends

Affordability stands out as the clearest trend. Oil City’s median home value of $131,271 is roughly 45 percent of the Pennsylvania state average of $290,401. Even after accounting for local incomes, housing costs are relatively low. The median household income of $61,626 is about 19 percent below the state average of $76,081, but the median home value is about 55 percent lower. The rent index of $892 is also about 23 percent below the state average of $1,162, making rental costs more manageable for local households.

Price momentum is mixed. The 12-month home value momentum rate of 6.41 percent is a top score driver and points to annual price growth. However, the 3-month momentum rate is -0.39 percent, indicating a slight recent pullback. The median home value year-over-year change of $5 reinforces that annual dollar growth has been minimal. In other words, prices have not fallen sharply, but the pace of gains has cooled in the short term.

Inventory and market pace are moderate. The market has 128 homes for sale, and the median days on market is 52 days. That is neither a fast-moving seller’s market nor a prolonged buyer’s market. The share of listings with a price cut, 14.9 percent, indicates that some sellers are willing to negotiate, which may create opportunities for buyers.

The employment picture is stable but local incomes remain below the state norm. The unemployment rate of 3.9 percent is identical to the Pennsylvania average, suggesting a solid labor market. Still, median household income of $61,626 is below the state benchmark of $76,081. Population growth data is not available, so longer-run demographic demand cannot be assessed from the provided figures.

Who Is This Market For

Oil City’s profile is best suited to budget-conscious buyers and first-time homeowners. With a median home value of $131,271, well under the state average of $290,401, the market offers an entry point that is less capital-intensive. Median days on market of 52 days gives buyers some time to evaluate properties, and the 14.9 percent share of listings with a price cut suggests room for negotiation. The stable unemployment rate of 3.9 percent also supports local employment conditions for owner-occupants.

The market may also suit buy-and-hold investors looking for lower acquisition costs. The rent index of $892 is below the state average of $1,162, but the median home value is even further below the state average. That relationship may be attractive to investors focused on affordability, although the data provided does not include operating expenses, property taxes, or local rental vacancy rates. Buyers seeking rapid appreciation or high-end move-up properties may find less appeal here, given the 3-month momentum rate of -0.39 percent and the minimal year-over-year dollar change in median home value.

Outlook

The outlook for Oil City is best described as moderate. The 12-month home value momentum rate of 6.41 percent shows that the market has produced some annual gains, but the 3-month momentum rate of -0.39 percent and a median home value year-over-year change of $5 point to very limited near-term price growth. With 128 homes for sale, a median days-on-market figure of 52 days, and 14.9 percent of listings showing price cuts, conditions appear balanced to slightly buyer-friendly. The unemployment rate of 3.9 percent, equal to the state average, provides a stable local economic foundation. However, because population growth is not available, the long-term demand outlook cannot be fully evaluated from these data alone. The numbers support continued affordability and steady activity, with no evidence of rapid price acceleration in the immediate term.