Is Erie, PA 16503 a buyer’s or seller’s market?
Erie is a seller’s market. With about 3.2 months of supply and 18% 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.
More competitive than 40% of U.S. ZIP codes, and #499 of 601 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Erie housing market right now
In the three months ending August 31, 2026, 18% of homes in Erie, PA 16503 sold above their list price, the typical home went under contract in 25 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 23 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 29%, homes sold faster (28 days then) and the median sale price rose 51% to $93,460. Overall, Erie is less competitive than a year ago, which gives buyers more room.
Within Erie County, homes here sell more slowly than in 92% of the county’s ZIP codes, and sell less often over asking than in 96%. On our competition score, Erie ranks #499 of 601 PA ZIP codes with enough sales (score 40 out of 100).
Nearby, West Springfield 16443 (100% sold over asking) and Harborcreek 16421 (60% sold over asking) are even more competitive.
Run the numbers for 16503
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 Erie nearby
Find towns like Erie in other states →Where Erie is
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Questions about Erie real estate
Is Erie a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Erie, PA 16503 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 Erie?
The typical home went under contract in 25 days in the latest three months.
Do homes in Erie sell over asking?
18% of homes sold above their original list price, and the typical sale closed at 92.8% of the list price.
What are property taxes in Erie?
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 Erie?
The median sale price was $93,460 in the three months ending August 31, 2026, about $58 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology