Erie, PA Housing Market Report

The Erie, Pennsylvania housing market is currently navigating a period of transition as we conclude 2025. While the median home value has reached $193,250, representing a solid 6.12 percent year-over-year increase, the market is showing signs of cooling compared to the rapid pace of previous years. The most significant shift is found in inventory levels, which have surged by over 33 percent to 394 active listings. This increase in supply, combined with homes sitting on the market for an average of 43 days—two weeks longer than this time last year—suggests that the extreme seller's market of the early 2020s is evolving into a more balanced environment.

Price trends over the last six months show a steady, incremental climb rather than volatile spikes. Since July 2025, values have risen from $188,090 to the current December high, indicating sustained demand despite the increase in available homes. The sale-to-list ratio remains at a perfect 1.0, meaning that while buyers have more options and time to decide, sellers are still generally receiving their full asking price. This stability is likely driven by Erie's relative affordability compared to national averages, attracting both local move-up buyers and out-of-state investors seeking yield in the rental market, where rents have also climbed 6.26 percent annually.

Looking ahead to 2026, the Erie market presents unique opportunities for both parties. For buyers, the rise in inventory and longer days on market provide much-needed leverage to negotiate repairs or contingencies that were previously waived. For sellers, the window for high-value exits remains open, but the days of immediate bidding wars are fading; pricing a home accurately from day one is now critical. As long as inventory continues to grow at this pace, we expect price appreciation to moderate further, offering a more sustainable entry point for first-time homeowners in the metro area.