Erie, PA—16509
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 $258,000, with a year-over-year change of 6.0%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $258,000 | 6.1% |
| Single Family | $256,000 | 6.7% |
| Condos | $282,000 | 5.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $200,000 | 7.0% |
3 Bed | $245,000 | 7.0% |
4 Bed | $323,000 | 7.0% |
| 5 Bed | $403,000 | 5.5% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,220, with a year-over-year rent change of -15.9%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $875, 2-bedrooms: $975, 3-bedrooms: $1,600. The most common rental property sizes in Erie, PA are 2-bedroom and 1-bedroom, accounting for 42.5% and 28.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $900 | $1,220 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $850 | $875 |
| 2 Bed Rent | $775 | $975 |
| 3 Bed Rent | $1,600 | $1,600 |
| 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 36. This is a increase of 12.0% 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 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $267,000 | -3.0% |
Listing Count | 69 | 31.0% |
| Listings as % of Homes | 0.3% | 31.0% |
Days on Market | 36 | 12.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 28,100, which has increased by 2.1% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 19.8% of the population. The area has a moderately educated workforce, with 36.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,100 | 2.1% |
% Under 18 | 19.8% | 2.1% |
% Seniors | 24.9% | 21.5% |
% WFH | 11.4% | 208.1% |
% w/ College Degree | 36.9% | -0.3% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 87.3% of the population identifying as white. The white population has shrunk by 4.8% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 4.1% of the population. Foreign-born residents account for 5.9% of the population in Erie, PA, and this percentage has decreased by 6.3% 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 | 87.3% | -4.8% |
% Black | 4.1% | 115.8% |
% Hispanic | 3.5% | 94.4% |
% Asian | 1.4% | -39.1% |
% Foreign Born | 5.9% | -6.3% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 578 mortgage originations in Erie, PA, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 578 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
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 | 361 |
Total Units Section 8 | 189 |
% Rentals under Section 8 | 5.4% |
% Occupied Section 8 | 91.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $850 | $990 |
| 2 Bedroom | $515 | $775 | $1,290 |
| 3 Bedroom | $10 | $1,600 | $1,610 |
| 4 Bedroom | N/A | N/A | $1,740 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $258,000 |
| Median Household Income | $68,900 |