Is Lake City, PA 16423 a buyer’s or seller’s market?
Lake City is a seller’s market. With about 1.3 months of supply and 50% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Lake City housing market right now
In the three months ending August 31, 2026, 50% of homes in Lake City, PA 16423 sold above their list price, the typical home went under contract in 7 days and there were 1.3 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 12 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 75%, homes sold more slowly (5 days then) and the median sale price rose 6% to $207,360. Overall, Lake City is less competitive than a year ago, which gives buyers more room.
Within Erie County, homes here sell faster than in 67% of the county’s ZIP codes, and sell more often over asking than in 83%.
Nearby, buyers who want less competition could look at Albion 16401 (17% sold over asking) or Erie 16503 (18% sold over asking), while West Springfield 16443 (100% sold over asking) and Harborcreek 16421 (60% sold over asking) are even more competitive.
Run the numbers for 16423
Nearby markets
Albion 16401Seller’s market $123 /sq ftCorry 16407Seller’s market $97 /sq ftCranesville 16410Seller’s market $160 /sq ftEast Springfield 16411Seller’s market $96 /sq ft Browse all markets →Towns like Lake City nearby
Find towns like Lake City in other states →Where Lake City is
Loading map…
Questions about Lake City real estate
Is Lake City a buyer’s or seller’s market?
A seller’s market: there were 1.3 months of supply in Lake City, PA 16423 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Lake City?
The typical home went under contract in 7 days in the latest three months.
Do homes in Lake City sell over asking?
50% of homes sold above their original list price, and the typical sale closed at 99.3% of the list price.
What are property taxes in Lake City?
About 1.60% of a home’s value a year in Erie County, or roughly $6,400 on a $400,000 home.
What is the median home price in Lake City?
The median sale price was $207,360 in the three months ending August 31, 2026, about $164 per square foot.
Local agents
See all agents in 16423 →No sponsored agents in 16423 yet. Are you an agent here? Put your name in front of local buyers.
More tools for 16423
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology