Home Values in Erie, Pennsylvania — 2026 Market Report
Updated March 2026 | Buyer's Market | +2% YoY
The median home value in Erie, Pennsylvania is $115,000 as of March 2026, which is below the national median of $400,000. Home values in Erie have increased by 2% over the past year and 10.4% over the last five years. With a population of 94,831 and a median household income of $38,250, the price-to-income ratio stands at 3.0x, making Erie affordable for the average household.
Erie Housing Market Conditions
| Metric | Erie | National Avg |
|---|---|---|
| Median Home Value | $115,000 | $400,000 |
| YoY Appreciation | +2% | +3.8% |
| 5-Year Appreciation | +10.4% | +22.4% |
| Price per Sq Ft | $42 | $222 |
| Days on Market | 49 days | 45 days |
| Months of Supply | 5.4 | 3.5 |
| List-to-Sale Ratio | 96.6% | 98.5% |
| Monthly Homes Sold | 54 | — |
| Foreclosure Rate | 0.78% | 0.3% |
Home Value Trends in Erie
A homeowner who purchased at the median price of $104,167 five years ago in Erie would have gained approximately $10,833 in equity, representing a 10.4% return on investment. Over the past year alone, the typical homeowner gained $2,255 in home equity.
Affordability in Erie, PA
With a median household income of $38,250 and a median home price of $115,000, the price-to-income ratio in Erie is 3.0x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $576 compared to estimated monthly ownership costs of $676 gives a rent-vs-buy ratio of 1.17. In Erie, renting may be more cost-effective in the short term, though homeownership builds long-term wealth.
Property Taxes in Erie
The effective property tax rate in Pennsylvania is 1.36%. On a home valued at $115,000, the estimated annual property tax bill is $1,564, or approximately $130/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Erie is 83.5 (100 = national average), indicating living costs are below the national average.
Calculate Your Mortgage Payment in Erie
Use our free calculator to estimate monthly payments for a $115,000 home
Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Erie, PA?
The median home value in Erie, Pennsylvania is $115,000 as of March 2026. Home values have changed +2% over the past year, with a 5-year appreciation of 10.4%.
Is Erie a buyer's or seller's market?
Erie is currently a buyer's market with 5.4 months of housing supply. Homes spend an average of 49 days on market, and the list-to-sale price ratio is 96.6%. Higher inventory gives buyers more negotiating power.
Are home values going up in Erie?
Yes, home values in Erie have increased by 2% over the past year. The 5-year appreciation rate is 10.4%, meaning a home worth $104,167 five years ago is now worth $115,000.
Is it better to rent or buy in Erie?
The average monthly rent in Erie is $576, while estimated monthly homeownership costs are approximately $676. The price-to-rent ratio is 16.6. Current conditions suggest renting may be more affordable in the short term, though homeownership builds equity over time.
Home Values in Other Pennsylvania Cities
Related Resources
Disclaimer: Home value data for Erie, Pennsylvania is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.