Erie PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Erie, PA Real Estate Data

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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Erie Housing Market Information

With 95,508 people, 40,182 houses or apartments, and a median cost of homes of $84,837, 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 56.38% 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 ( 26.35%), large apartment complexes or high rise apartments ( 12.12%), and a few row houses and other attached homes ( 4.38%).

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 48.30% owning and 51.70% renting.

The housing in Erie was primarily built before 1939 ( 41.73%), 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 ( 37.66%), followed by between 1970-1999 ( 17.74%). There's also some housing in Erie built between 2000 and later ( 2.87%).

Vacant housing appears to be an issue in Erie. Fully 11.35% of the housing stock is classified as vacant. Left unchecked, vacant Erie homes and apartments can be a drag on the real estate market, holding Erie real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Erie Home Appreciation Rates

Erie's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Erie during the period has been just 1.17%, which is lower than 80% of US communities.

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 7.02%, which is higher than appreciation rates in 94.39% 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 3.37%, which equates to an annual appreciation rate of 14.16%.

Importantly, NeighborhoodScout’s exclusive research found that Erie's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 90% 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:
$84,837

Erie, PA HOME PRICES

Value Range
> $1,110,000 0.4
$832,001 - $1,110,000 0.3
$555,001 - $832,000 0.5
$444,001 - $555,000 0.6
$333,001 - $444,000 1.0
$222,001 - $333,000 2.4
$111,001 - $222,000 23.6
$55,001 - $111,000 49.1
$0 - $55,000 22.1

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
92.9868613138686 91.7953667953668

Number Of Homes And Apartments:
40,182

Erie Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
41.68% 1.69%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$892 / per month

Homeownership Rate

Homeownership
Owners 48.30
Renters 51.70
Vacant 11.35

Housing Market Details

 

Age of Homes

AGE OF Erie HOMES
2000 or Newer 2.9
1970 - 1999 17.7
1940 - 1969 37.7
1939 or Older 41.7

Types of Homes

TYPE OF Erie HOMES
Single-Family 56.4
Townhomes 4.4
Small Apt. Buildings 26.3
Apt. Complexes 12.1
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Erie HOMES
No Bedroom 2.68
1 Bedroom 13.43
2 Bedrooms 27.39
3 Bedrooms 41.14
4 Bedrooms 12.24
5 or more bedrooms 3.12