Erie, PA Real Estate Market

This chart shows you the trend of average home values in Erie, PA. The average estimated value of a home in Erie, PA was $87,179 in August 2009. Homeowners can use average estimated value to gauge the current equity in their home or to determine a potential sales price. Average estimated value can help indicate if purchasing a home in this area will yield a positive return.

This chart displays the trend of average sales price in Erie, PA. The average sales price of a house in Erie, PA was $99,023 in August 2009, up 0.01% from July 2009. Homeowners can use average sales price to help them determine a price point for their home. Conversely, home buyers can use average sales price to estimate the price they could expect to pay. Higher average sales prices may indicate better than average homes, while lower average sales prices may indicate homes in less demand (discounting special circumstances such as foreclosures).

The total number of sales is an indicator of turnover in the Erie, PA market. Home sales in Erie, PA for August 2009 totaled 126, which is down 22% compared to the transactions recorded in July 2009. Total number of sales can help homeowners gauge when to sell a home. Sales volume can occur during a time of prosperity or hardship. Therefore it is important to compare the sales price to the home value to determine if there is growth or contraction in the market. Home buyers can use the same information to identify areas where sales are occurring. Because home prices lag sales volume, prices typically increase as more sales occur.

Neighborhood density represents the number of homes that are inhabited, while household size tells you how many people on average live in each inhabited house. These metrics can be an indicator of how well Erie, PA maintains its housing inventory. The population of Erie, PA is made up of 41,468 households with 2.40 adults per household. On average, the median age of a home in Erie, PA is 59 years. Comparing neighborhood density to the number of properties, vacancies, and the number of new homes or neighborhoods can help to assess growth in a particular area.

The number of sold homes is a count of sales from the last few months (varies per location). Looking at the number of homes and the average time homes are on the market (for sale) in Erie, PA can indicate how long homeowners are willing to wait to sell their homes. It took an average of 100 days for homes in Erie, PA to go from a listing to a ratified contract. Conversely, average and maximum days on market will help sellers set an expectation for how long it may take to sell a house. Note that many variables influence the number of days a house in on the market before it sells

The total inventory of available homes in the Erie, PA market in November, 2009 stood at 552 homes. Resale homes made up the majority of the homes for sale. This accounted for 480 real estate properties or 86% of the Erie, PA real estate market. The rest of the market comprised of new homes and foreclosures totaling 480 and 72 houses respectively. These numbers do not represent all homes, as not all homes are marketed the same. The number of existing or resale homes is those found in most MLS's. New homes are a good indicator of housing growth, while foreclosures can indicate problem areas. Given recent events, foreclosures can also be good purchase opportunities given their reduced cost.

The occupancy chart shows the ratio of rentals to homes for sale in Erie, PA. There are 50% of homeowners and 39% of renters in Erie, PA. Home vacancy accounts for 9% of the Erie, PA real estate market. In addition, the vacancy rate of homes helps home buyers determine if a housing market has weak or strong competition. It also highlights areas of investment opportunities.

House appreciation provides three indicators of the home value trend in Erie, PA. The appreciation rate signifies whether the market has increased or decreased in value. Median value is the worth of a typical home in the area while average monthly rent can be used a proxy to compare with your monthly investment. The average market value for a home in Erie, PA for in November, 2009 was $92,042.

Caveat: There are many factors that determine both the price and value of a home. AOL Real Estate cannot and does not guarantee that the trend will retain its current course. We recommend viewing the other charts to get as many perspectives on this area as possible.