In One Pennsylvania City, Homes Are Selling Faster than Last Year

Year over year homes are lasting 14 days less on the market in Erie, in stark contrast to the rest of the country.

While homes are still moving off of the market at a pace quicker than pre-pandemic, homes are typically spending more time on the market before closing than they were last year. According to realtor.com®, only five out of the 250 areas in their study had homes selling faster than this time last year and Erie was first on the list.

Patrick Groner Jr., president of the Greater Erie Board of Realtors®, said, “We have stronger demand than supply and that imbalance is leading to quick sales. For mortgage holders who have a 3-3.5% rate from last year, they’re probably not likely to market their home, try to sell it and find another home with these higher mortgage rates.”

“Within the constraint supply, I don’t think demand has dipped as much as the supply,” added Groner.

The median list price in Erie in March 2023 was $197,450 and homes were lasting 58 days on the market, compared to 72 days last year. Comparatively, the median list price in the U.S. was $424,00 in March.

“There is steady demand in Erie. If supply tapers off, that demand seems heightened. Erie is an established, enjoyable place to raise a family. There is a stability here that appeals to people. I think that demand has remained,” he said.”

“Erie is pretty stable, it doesn’t change too quickly,” he added. “In light of all the constant change, it’s an attractive offering. But demand continues to outpace supply.”