Erie, PA—16505
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Erie, PA
As of Oct '25, the median home price in Erie, PA is $246,000, with a year-over-year change of 7.6%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $246,000 | 7.6% |
| Single Family | $243,000 | 8.0% |
| Condos | $303,000 | 7.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $146,000 | 9.0% |
2 Bed | $183,000 | 10.2% |
3 Bed | $236,000 | 8.3% |
4 Bed | $344,000 | 7.8% |
| 5 Bed | $481,000 | 8.1% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,340, with a year-over-year rent change of -1.5%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $800, 2-bedrooms: $1,300, 3-bedrooms: $1,710. The most common rental property sizes in Erie, PA are 2-bedroom and 1-bedroom, accounting for 45.9% and 35.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,280 | $1,340 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $775 | $800 |
| 2 Bed Rent | $1,280 | $1,300 |
| 3 Bed Rent | $1,900 | $1,710 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Erie, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Erie, PA is 54. This is a increase of 49.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $315,000 | 8.0% |
Listing Count | 36 | 10.0% |
| Listings as % of Homes | 0.2% | 10.0% |
Days on Market | 54 | 49.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 15,600, which has decreased by -5.5% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 16.8% of the population. The area has a moderately educated workforce, with 45.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,600 | -5.5% |
% Under 18 | 16.8% | -7.7% |
% Seniors | 26.6% | 14.2% |
% WFH | 9.6% | 134.1% |
% w/ College Degree | 45.0% | 1.6% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 92.5% of the population identifying as white. The white population has shrunk by 0.2% in the last 5 years. The second most common race or ethnicity in Erie, PA is hispanic, making up 3.0% of the population. Foreign-born residents account for 2.9% of the population in Erie, PA, and this percentage has decreased by 21.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.5% | -0.2% |
% Black | 1.0% | -60.0% |
% Hispanic | 3.0% | 150.0% |
% Asian | 1.5% | 66.7% |
% Foreign Born | 2.9% | -21.6% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 268 mortgage originations in Erie, PA, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Erie, PA. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 268 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 2.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Erie, PA
Erie, PA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 314 |
Total Units Section 8 | 270 |
% Rentals under Section 8 | 14.7% |
% Occupied Section 8 | 90.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $35 | $775 | $810 |
| 2 Bedroom | -$230 | $1,280 | $1,050 |
| 3 Bedroom | -$590 | $1,900 | $1,310 |
| 4 Bedroom | N/A | N/A | $1,420 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $246,000 |
| Median Household Income | $71,400 |