Erie-area home prices rise 6.8% in October, with houses for sale in high demand
A typical Erie County home listed for $200,000 in October, up 6.8% from the previous month's $187,352, an analysis of data from Realtor.com shows.
The median list home price in October was up about 33.3% from October 2021. Erie County's median home was 1,701 square feet for a listed price of $124 per square foot.
The Erie County market was busy, with a median 57 days on market. A month earlier, homes had a median 47 days on market. The market added 172 new home listings in October, compared with the 252 added in October 2021. The market ended the month with some 300 listings of homes for sale.
High interest rates are making mortgage payments more expensive. With prevailing mortgage rates and 20% down, the mortgage payment on Erie County's median home would cost $1,073 per month, not including insurance, closing fees, homeowner association dues or other costs, according to a USA TODAY Network analysis. A month earlier, the median home mortgage would have cost $967. A year earlier, the median home mortgage would have cost $515.
The median home prices issued by Realtor.com may exclude much, or even most, of a market's homes. The price and volume represent only homes that are single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.
Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.
Crawford County home prices rise 0.9% to $179,000
Crawford County's home prices rose 0.9%, to a median $179,000, from a month earlier. The typical house was on the market for 67 days, from 54 days a month earlier. The typical 1,673-square-foot house had a list price of $102 per square foot.
Across all of Pennsylvania, median home prices were $280,000, falling 0.1% from a month earlier. The median Pennsylvania home for sale had 1,708 square feet at list price of $169 per square foot.
Across the United States, median home prices were $425,000, down 0.5% from a month earlier. The median American home for sale had 1,876 square feet, listed at $218 per square foot.
The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database. The story was written by Mike Stucka and Sean Lahman.
This article originally appeared on Erie Times-News: Erie-area homes for sale rise to $200,000 median price
