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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Erie, PA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Erie, PA Housing Market Trends

With a population of 93,511, 39,180 total housing units (homes and apartments), and a median house value of $112,161, house prices in Erie are some of the most affordable in Pennsylvania as well as the nation.

Single-family detached homes are the single most common housing type in Erie, accounting for 57.91% 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 ( 23.35%), large apartment complexes or high rise apartments ( 14.26%), and a few row houses and other attached homes ( 3.68%).

The most prevalent building size and type in Erie are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.47% owning and 50.53% renting.

The housing in Erie was primarily built before 1939 ( 38.48%), making the housing stock in Erie some of the oldest overall in America, although there is a range of ages of homes in Erie. The next most important housing age is between 1940-1969 ( 38.47%), followed by between 1970-1999 ( 19.89%). There's also some housing in Erie built between 2000 and later ( 3.16%).

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 47.21%, which is annualized rate of 3.94%. This rate is lower than the appreciation rate found in 90% 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 8.69%, which is higher than appreciation rates in 90.58% 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 0.64%, which equates to an annual appreciation rate of 2.60%.

Relative to Pennsylvania, our data show that Erie's latest annual appreciation rate is higher than 80% 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 2000, to assist you in making the best Erie real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$112,161

Erie, PA Home Prices
> $1,279,000
$959,001 - $1,279,000
$639,001 - $959,000
$511,001 - $639,000
$384,001 - $511,000
$256,001 - $384,000
$128,001 - $256,000
$64,001 - $128,000
$0 - $64,000
0.2%
0.2%
0.2%
0.2%
0.4%
0.4%
0.5%
0.5%
1.7%
1.7%
4.8%
4.8%
33.8%
33.8%
41.0%
41.0%
17.3%
17.3%
0% 100.0%
% of Homes
Very Low

for Pennsylvania

Very Low

for nation

Number of Homes And Apartments:

39,180

Erie Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,168 / per month

Homeownership Rate

Owners
Renters
49.5%
49.5%
50.5%
50.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.9%
9.9%
90.1%
90.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.2%
3.2%
19.9%
19.9%
38.5%
38.5%
38.5%
38.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
57.9%
57.9%
3.7%
3.7%
23.3%
23.3%
14.3%
14.3%
0.8%
0.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.8%
2.8%
11.9%
11.9%
29.4%
29.4%
39.4%
39.4%
13.9%
13.9%
2.7%
2.7%
0% 100.0%
% of Homes