Erie, PA—16507
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 $96,000, with a year-over-year change of -1.9%. This indicates that home prices in Erie, PA are decreasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $96,000 | -1.9% |
| Single Family | $93,000 | -1.1% |
| Condos | $397,000 | 4.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $94,000 | 0.0% |
3 Bed | $93,000 | -1.1% |
4 Bed | $90,000 | -2.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,180, with a year-over-year rent change of 6.3%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $1,210, 2-bedrooms: $1,120, 3-bedrooms: $1,370. The most common rental property sizes in Erie, PA are 2-bedroom and 3-bedroom, accounting for 34.4% and 32.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,180 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,210 |
| 2 Bed Rent | $1,050 | $1,120 |
| 3 Bed Rent | $1,150 | $1,370 |
| 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 143. This is a increase of 199.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $227,000 | 66.0% |
Listing Count | 10 | 44.0% |
| Listings as % of Homes | 0.2% | 44.0% |
Days on Market | 143 | 199.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 8,650, which has decreased by -7.7% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 18.1% of the population. The area has a poorly educated workforce, with 20.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,650 | -7.7% |
% Under 18 | 18.1% | -3.2% |
% Seniors | 13.1% | 7.4% |
% WFH | 7.1% | 69.0% |
% w/ College Degree | 20.4% | 33.3% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 58.2% of the population identifying as white. The white population has shrunk by 6.9% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 23.8% of the population. Foreign-born residents account for 6.0% of the population in Erie, PA, and this percentage has decreased by 35.5% 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 | 58.2% | -6.9% |
% Black | 23.8% | -0.4% |
% Hispanic | 7.8% | -4.9% |
% Asian | 3.3% | -31.2% |
% Foreign Born | 6.0% | -35.5% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 27 mortgage originations in Erie, PA, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 15.0% of loans were by investors. 0.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 27 |
% Conventional Loans | 85.0% |
% Government Loans | 15.0% |
% Investor Loans | 15.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 0.0% |
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 | 324 |
Total Units Section 8 | 173 |
% Rentals under Section 8 | 7.9% |
% Occupied Section 8 | 87.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$120 | $1,000 | $880 |
| 2 Bedroom | $90 | $1,050 | $1,140 |
| 3 Bedroom | $270 | $1,150 | $1,420 |
| 4 Bedroom | N/A | N/A | $1,540 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.2 |
| Median Home Price | $96,000 |
| Median Household Income | $34,500 |