Is Oil City, PA 16301 a buyer’s or seller’s market?

The Oil City housing market right now

In the three months ending August 31, 2026, 8% of homes in Oil City, PA 16301 sold above their list price, the typical home went under contract in 77 days and there were 7 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 26 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 12%, homes sold more slowly (70 days then) and the median sale price rose 51% to $121,947. Overall, Oil City is less competitive than a year ago, which gives buyers more room.

Within Venango County, homes here sell more slowly than in 60% of the county’s ZIP codes, and sell more often over asking than in 60%. On our competition score, Oil City ranks #599 of 601 PA ZIP codes with enough sales (score 9 out of 100).

Nearby, buyers who want less competition could look at Kennerdell 16374 (0% sold over asking) or Emlenton 16373 (0% sold over asking), while Utica 16362 (100% sold over asking) and Pleasantville 16341 (20% sold over asking) are even more competitive.