How is Erie County's real estate market? Home prices rose year over year

Sean Lahman, Erie Times-News
·2 min read

Home prices were up in late 2021, but home sales are down. Here's a snapshot of recent Erie County real estate numbers.

The median sales price for a single-family home in Erie County during October was $150,000. That's an increase of 5.3% compared with October 2020, according to data from Realtor.com.

The total number of houses sold fell by 8.1% from a year earlier. A total of 330 houses were sold countywide during October. During the same period a year earlier, 359 homes were sold.

Affordable homes: Check out these affordable Erie homes for sale, sold or pending for under $150,000

Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through the National Association of Realtors to the USA TODAY Network.

Condominiums and townhomes sold in October had a median sales price of $235,000, up 22.7% from a year earlier. In Erie County, 14 were sold, down 41.7% from a year earlier.

Home sales: Erie County, Pa., real estate market report

How hot is Erie County's real estate market in Pennsylvania?

Information on housing markets is available through the USA TODAY Network, with more data from the National Association of Realtors. Visit data.goerie.com/real-estate-market-report for available reports.

The top 25% of the properties sold in Erie County in October had prices of at least $210,000, down 6.7% from a year before. The top 5% of the properties sold had prices of at least $425,000, up 14.3% from a year before.

Demand for houses is driving up prices in much of the United States, including in Erie. This home at 948 Hilltop Road, listed by Howard Hanna Real Estate Services, is shown on March 13.
Demand for houses is driving up prices in much of the United States, including in Erie. This home at 948 Hilltop Road, listed by Howard Hanna Real Estate Services, is shown on March 13.

The active listed inventory count through December in the county was 312, down 10.3% from a year earlier. That number included 116 new listings for the month, up 61.1% from December 2020.

Big sales numbers: 2021 was a challenging year for real estate; these Erie County agents made the most of it

The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale 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 sold 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 National Association of Realtors at Realtor.com.

This article originally appeared on Erie Times-News: Erie County real estate: The average home sold for more than last year