Erie appreciation rates and housing market information

Erie housing market information

With a population of 103,725, 44,973 total housing units (homes and apartments), and a median house value of $100,379, house prices in Erie are solidly below the national average.

single-family detached homes are the single most common housing type in Erie, accounting for 54.89% of the city's housing units. Other types of housing that are prevalent in Erie include duplexes, homes converted to apartments, or other small apartment buildings (28.39%), large apartment complexes or high rise apartments (13.43%), and a few row houses and other attached homes (2.99%).

The most prevalent building size and type in Erie are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 51.13% owning, and 39.91% renting.

The housing in Erie was primarily built before 1939 (44.36%), making the housing stock in Erie some of the older overall in America, although there is a range of ages of homes in Erie. The next most important Erie housing age is 1940-1969 (41.37%), followed by 1970-1994 (13.29%). There's also some housing in Erie built between 1995 and later (.98%).

Erie home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Erie, where house values have increased just 35.15%, which is an average annual increase of 3.51%. NeighborhoodScout's data show that in the latest quarter, Erie house values appreciated 2.38%, which is an annualized rate of 9.52%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Appreciation rates are so strong in Erie that despite a nationwide downturn in the housing market, Erie real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Erie appreciation rates continue to be some of the highest in America, at 3.60%, which is higher than appreciation rates in 80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Erie. Erie appreciation rates in the latest quarter were at 2.38%, which equates to an annual appreciation rate of 9.52%.

Importantly, this makes Erie one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Pennsylvania, our data show that Erie's latest annual appreciation rate is higher than 82% of the other cities and towns in Pennsylvania.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Erie differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Erie - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Erie real estate investment or home purchase decisions.