Most recent median home sales in Erie County up 7.7% from previous month at $188,450
Newly released data for August shows that potential buyers and sellers in Erie County saw houses sell for higher than the previous month's median sale price of $174,900.
The median home sold for $188,450, an analysis of data from Realtor.com shows. That means August, the most recent month for which figures are available, was up 7.7% from July.
Compared to August 2022, the median home sale price was up 14.2% at $188,450 compared to $165,000.
Realtor.com sources sales data from real estate deeds, resulting in a few months' delay in up-to-date data. The statistics don't include homes currently listed for sale, and aren't directly comparable to listings data.
Information on your local housing market, along with other useful community data, is available at data.goerie.com.
Looking only at single-family homes, the $172,500 median selling price in Erie County was down 1.4% in August from $174,900 the month prior. Since August 2022, the sale price of single-family homes was up 4.6% from a median of $165,000.
No condominiums or townhomes sold for at least $1 million or more during the month.
Condominiums and townhomes increased by 17.4% in sales price this August to a median of $217,000 from $184,900 in July. Compared to August 2022, the sale price of condominiums and townhomes was up 19.3% from $181,900. No condominiums or townhomes sold for at least $1 million or more this August.
In August, the number of recorded sales in Erie County dropped by 85.6% since August 2022 from 333 to 48. All residential home sales totaled to $11.3 million.
In Pennsylvania, homes sold at a median of $260,000 this August, down 5.5% from $275,000 in July. There were 3,856 recorded sales across the state this August, down 76.1% from 16,102 recorded sales in August 2022.
The total value of recorded residential home sales in Pennsylvania decreased by 67.1% from $3.9 billion in July to $1.3 billion this August.
Out of all residential home sales in Pennsylvania, 2.49% of homes sold for at least $1 million in August, down from 2.89% in August 2022.
Sale prices of single-family homes across Pennsylvania decreased by 5.6% from a median of $281,796 in July to $266,000 in August. Since August 2022, the sale price of single-family homes across the state was up 0.4% from $265,000.
Across the state, the sale price of condominiums and townhomes dropped 2% from a median of $255,000 in July to $250,000 this August. The median sale price of condominiums and townhomes is up 0.6% from the median of $248,604 in August 2022.
The median home sale price used in this report represents the midway point of all the houses or units listed over the given period of time. The median offers a more accurate view of what's happening in a market than the average sale price, which would mean taking the sum of all sale prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high sale.
Century-old home: Classic American foursquare house in Erie's Kahkwa area has history, Italianate details
A-frame for sale: Look inside 'A' Summit Township mobile home with unique shape for sale
This article originally appeared on Erie Times-News: Most recent median home sales in Erie County up at $188,450
