The image shows a picturesque home in Erie County, Pennsylvania.
In October, the median home sales price in Erie County climbed to an impressive $179,900, according to recently released data. This indicates a notable increase of 8.7% from September, with a 5.5% rise compared to October 2022. These figures, sourced from Realtor.com, demonstrate a thriving housing market in the county.
A Closer Look at Erie County's Housing Market
Let's delve deeper into Erie County's real estate market. Firstly, it's important to note that the statistics provided by Realtor.com are based on real estate deeds, which introduces a slight delay in the availability of up-to-date data. Additionally, the data does not include currently listed homes for sale and may not be directly comparable to listings data.
If we consider single-family homes exclusively, the median selling price in Erie County stood at $180,000 in October, showcasing an 11.1% increase from the previous month's $162,005. Compared to October 2022, the sale price of single-family homes rose by 8.8% from a median of $165,500.
However, it's not just single-family homes that are thriving in Erie County. In October, four single-family homes were sold for a remarkable $1 million or more, in contrast to only one recorded transaction of this magnitude in October 2022.
On the other hand, condominiums and townhomes experienced a dip in sales price this October, with a median price of $128,750. This represents a significant decrease of 50.3% from September's median price of $259,000. In comparison to the same period last year, the sale price of condominiums and townhomes plummeted by 54%, dropping from $280,000. Notably, no condominiums or townhomes were sold for $1 million or more in October.
In terms of sales volume, Erie County observed a 6.7% decrease in the number of recorded sales since October 2022, with a total of 249 recorded sales in the most recent month. The total value of all residential home sales in Erie County amounted to approximately $57.1 million.
A Statewide Perspective
The housing market in Pennsylvania, as a whole, also underwent some interesting changes. In October, the median home sale price across the state slightly dropped by 0.3% to $250,000 from $250,727 in September. Moreover, the number of recorded sales across Pennsylvania decreased by 13.8% from October 2022, reaching a count of 10,839.
When examining single-family homes in Pennsylvania, there was a 1.2% decline in the median sale price from September's $257,479 to October's $254,344. However, compared to October 2022, the sale price increased by 2.7%, rising from $247,646.
Condominiums and townhomes in Pennsylvania also experienced a slight decrease in sale price, dropping 1.2% from September's median of $240,678 to $237,680 in October. Compared to the same period last year, the median sale price of condominiums and townhomes experienced a 2.2% decrease, falling from $243,000.
Understanding the Median Home Sale Price
It's important to clarify the concept of the median home sale price used in this report. The median represents the middle point among all the houses or units listed within a specified time frame. Contrary to the average sale price, which can be skewed by extreme outliers, the median provides a more accurate representation of the market.
To explore more detailed information about your local housing market, along with other valuable community data, visit data.goerie.com.
This article provides a comprehensive overview of the recent trends in Erie County's housing market, highlighting the rise in median home sales prices and examining the performance of single-family homes, condominiums, and townhomes. The statewide perspective offers a broader context, showcasing the changes observed throughout Pennsylvania. As the real estate market continues to evolve, it's crucial to stay informed and adapt accordingly.
Caption: The median home sales price in Erie County has increased, indicating a thriving housing market.
