Erie, PA—16510
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 $198,000, with a year-over-year change of 6.5%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $198,000 | 6.5% |
| Single Family | $197,000 | 7.1% |
| Condos | $262,000 | 5.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $114,000 | 3.6% |
2 Bed | $146,000 | 7.4% |
3 Bed | $196,000 | 6.5% |
4 Bed | $267,000 | 7.7% |
| 5 Bed | $292,000 | 7.0% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $2,260, with a year-over-year rent change of 78.0%. Per bedroom, the median rent as of July '25 in Erie, PA is 3-bedrooms: $1,680, 4-bedrooms: $2,250. The most common rental property sizes in Erie, PA are 3-bedroom and 4-bedroom, accounting for 43.4% and 21.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $2,260 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,650 | $1,680 |
| 4 Bed Rent | $2,250 | $2,250 |
% 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 37. This is a increase of 2.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $189,000 | -6.0% |
Listing Count | 51 | 24.0% |
| Listings as % of Homes | 0.4% | 24.0% |
Days on Market | 37 | 2.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 25,200, which has decreased by -2.3% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 23.9% of the population. The area has a moderately educated workforce, with 25.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,200 | -2.3% |
% Under 18 | 23.9% | 0.0% |
% Seniors | 18.7% | 13.3% |
% WFH | 9.3% | 287.5% |
% w/ College Degree | 25.9% | 9.7% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 80.2% of the population identifying as white. The white population has shrunk by 3.4% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 6.6% of the population. Foreign-born residents account for 7.8% of the population in Erie, PA, and this percentage has increased by 30.0% 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 | 80.2% | -3.4% |
% Black | 6.6% | -25.0% |
% Hispanic | 6.0% | 17.6% |
% Asian | 4.4% | 131.6% |
% Foreign Born | 7.8% | 30.0% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 534 mortgage originations in Erie, PA, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 25.0% 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. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 534 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
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 | 685 |
Total Units Section 8 | 135 |
% Rentals under Section 8 | 6.7% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $900 |
| 2 Bedroom | N/A | N/A | $1,170 |
| 3 Bedroom | -$190 | $1,650 | $1,460 |
| 4 Bedroom | -$670 | $2,250 | $1,580 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $198,000 |
| Median Household Income | $64,900 |