Oil City, PA Housing Market

Market Overview

Oil City, PA presents a moderate housing market, reflected in its PropertyIQ score of 71 out of 100. The median home value of $132,719 is less than half the Pennsylvania state average of $290,552, and the rent index of $982 sits below the state benchmark of $1,162. At the same time, the median household income of $61,626 is below the state average of $76,081, while the unemployment rate of 4.1% matches the state average exactly. This combination of lower housing costs and lower local incomes positions Oil City as an affordable but not high-growth market.

The market’s activity metrics reinforce a balanced rather than overheated environment. The score’s top drivers include a 12-month home value momentum of 7.44%, a 3-month momentum of -0.44%, a median days on market of 60 days, and a 13.4% share of listings with a price cut. There are 119 homes for sale, and the reported year-over-year home value change is $5. Compared with state benchmarks, Oil City’s affordability and stable unemployment are clear strengths, while its lower income levels and flat recent price movement keep the market moderate.

Key Trends

First, home value momentum is mixed. The 12-month momentum of 7.44% shows solid annual appreciation, but the 3-month momentum of -0.44% shows a slight recent pullback. This suggests earlier gains have flattened or reversed slightly rather than continued at the same pace.

Second, the market pace is balanced to buyer-friendly. With 119 homes for sale and a median days on market of 60 days, homes are not moving extremely quickly. The 13.4% share of listings with a price cut indicates that sellers are adjusting prices to attract buyers, rather than facing widespread bidding pressure.

Third, affordability relative to the state is a defining feature. The median home value of $132,719 is well below the state average of $290,552, and the rent index of $982 is $180 below the state benchmark of $1,162. However, the median household income of $61,626 is also below the state average of $76,081, so affordability is relative: lower housing costs are paired with lower local earnings.

Fourth, rental and economic conditions are stable but modest. The rent index of $982 is below the state benchmark of $1,162, and the unemployment rate of 4.1% matches the state average. Population growth data is not available, so demand conclusions based on population change cannot be drawn from the provided metrics.

Who Is This Market For

This market suits first-time homebuyers and budget-conscious buyers. The median home value of $132,719 is far below the Pennsylvania state average of $290,552, and the median days on market of 60 days plus the 13.4% share of listings with price cuts suggest that buyers can take some time and negotiate.

Investors may be attracted by low entry prices, but they should weigh the lower rent index. At $982, local rents are below the state average of $1,162, so rental income potential is more modest than in higher-cost Pennsylvania markets. The unemployment rate of 4.1% matches the state average, which may support stable tenant demand, but the median household income of $61,626 is below the state average of $76,081, which may limit rent growth.

Move-up buyers may find limited near-term equity growth. The 12-month home value momentum of 7.44% is positive, but the 3-month momentum of -0.44% and the reported year-over-year change of $5 suggest appreciation is not currently accelerating