The average Erie County home sold for a higher price year over year

The median sale price for a single-family home sold in Erie County in July was $175,000. This represents a 12.9% increase from July 2021, according to localized USA TODAY Network analysis generated with data from Realtor.com.

On an annual basis, prices have increased for five consecutive months. July’s median selling price represents an all-time high in a database that covers 91 consecutive months. July prices are up from $170,000 the previous month.

The number of homes sold decreased by 18.6% compared to the previous year. A total of 276 homes were sold across the county in July. During the same period a year earlier, 339 single-family homes had been sold.

High interest rates make mortgage payments more expensive. With prevailing mortgage rates and a 20% drop, the mortgage payment on the median Erie County single-family home from July would have cost $777 a month, not including insurance, closing costs, dues homeowners association or other costs, according to an analysis by the USA TODAY Network. A month earlier, the median home loan would have cost $789. A year earlier, the median home loan would have been $510.

The Crawford County median sale price for a single-family home was $150,000, up 22.1% from a year earlier. Some 102 homes were sold in July, up 64.5% from a year earlier.

Real estate sales can take weeks or months to register and collect. This is the latest data made available through Realtor.com on the USA TODAY Network.

Erie County condominiums and townhouses sold in July had a median sale price of $190,000. This figure represents a decrease of 13.6% year over year. Some 22 were sold, up 83.3% from the previous year.

How hot is the Erie County real estate market in Pennsylvania?

Information about your local housing markets is available through the USA TODAY Network at data.goerie.com/real-estate-market-report, with more data from Realtor.com.

In Erie County, the top 10% properties sold for at least $375,000, up 21% from a year earlier.

In July, two properties sold for at least $1 million, consisting of two single-family homes.

In Crawford County, the top 10% properties sold for at least $300,000, up 17.6% from a year earlier.

The median selling price for single-family homes in Pennsylvania was $275,000 in July, up 7.5% from a year earlier. The state reported 10,203 single-family homes sold, down 16.2% from a year earlier.

The median home sale price – the midpoint of all homes or units sold over a period of time – is used in this report instead of the average home sale price, because experts say the median offers a more accurate view of what is happening in a market. To find the average price, all the prices of houses sold are added together and then divided by the number of houses sold. This measure can be distorted by a low or high price.

The USA TODAY Network publishes localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where data quality and transaction volume meet Realtor.com and USA TODAY Network standards.

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