Oil City, PA—16301
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Oil City, PA
As of Oct '25, the median home price in Oil City, PA is $90,000, with a year-over-year change of -3.9%. This indicates that home prices in Oil City, PA are decreasing. According to Zillow, the 1-year price projection is -0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $90,000 | -3.9% |
| Single Family | $90,000 | -5.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $57,000 | -6.6% |
2 Bed | $84,000 | -3.4% |
3 Bed | $95,000 | -5.0% |
4 Bed | $94,000 | -6.9% |
| 5 Bed | $103,000 | -4.6% |
% of Housing Stock
Rental Trends — Oil City, PA
As of July '25, Rentcast reports the average rent in Oil City, PA is $1,250, with a year-over-year rent change of 10.6%. Per bedroom, the median rent as of July '25 in Oil City, PA is 1-bedrooms: $812, 2-bedrooms: $1,580, 3-bedrooms: $1,100, 4-bedrooms: $1,250. The most common rental property sizes in Oil City, PA are 2-bedroom and 3-bedroom, accounting for 37.8% and 23.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,250 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $725 | $812 |
| 2 Bed Rent | $1,500 | $1,580 |
| 3 Bed Rent | $1,000 | $1,100 |
| 4 Bed Rent | $1,250 | $1,250 |
% of Rental Stock
Property Listings — Oil City, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Oil City, PA is 55. This is a decrease of -27.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $114,000 | -14.0% |
Listing Count | 56 | 38.0% |
| Listings as % of Homes | 0.5% | 38.0% |
Days on Market | 55 | -27.0% |
Demographics — Oil City, PA
As of the latest ACS Survey released in 2023, Oil City, PA has a population of 15,100, which has decreased by -5.4% over the past 5 years. Oil City, PA is a moderately popular place for families, as children make up 20.6% of the population. The area has a poorly educated workforce, with 17.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,100 | -5.4% |
% Under 18 | 20.6% | -5.5% |
% Seniors | 21.8% | 16.6% |
% WFH | 5.6% | 143.5% |
% w/ College Degree | 17.8% | -12.7% |
As of the latest ACS Survey released in 2023, Oil City, PA is a predominantly white area, with 92.9% of the population identifying as white. The white population has shrunk by 3.9% in the last 5 years. The second most common race or ethnicity in Oil City, PA is hispanic, making up 1.5% of the population. Foreign-born residents account for 0.9% of the population in Oil City, PA, and this percentage has increased by 28.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.9% | -3.9% |
% Black | 0.9% | 0.0% |
% Hispanic | 1.5% | 50.0% |
% Asian | 0.6% | 500.0% |
% Foreign Born | 0.9% | 28.6% |
Mortgage and Risk — Oil City, PA
According to HUD data as of 2023, there were 175 mortgage originations in Oil City, PA, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Oil City, PA. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 175 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Oil City, PA
Oil City, PA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 705 |
Total Units Section 8 | 490 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 61.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$15 | $725 | $710 |
| 2 Bedroom | -$570 | $1,500 | $930 |
| 3 Bedroom | $160 | $1,000 | $1,160 |
| 4 Bedroom | $90 | $1,250 | $1,340 |
Affordability — Oil City, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.5 |
| Median Home Price | $90,000 |
| Median Household Income | $57,400 |