In the first few months of 2025, home prices in Erie, Pennsylvania, have gone up. According to data from the Greater Erie Board of Realtors, the average sale price for a single-family home was higher than it was during the same time in 2024. For example, homes in Millcreek Township and Fairview sold for over $240,000 on average. This is a noticeable jump from past years and shows that the real estate market is getting more expensive for buyers.

Fewer Homes Are Being Sold

While prices are going up, the number of homes being sold is actually going down. In the first quarter of 2025, there were fewer home sales compared to last year. Some neighborhoods saw bigger drops than others. In Erie City, sales fell by 16%. In other areas like Summit and Harborcreek, the number of homes sold was also lower. Fewer listings can make it harder for buyers to find something in their price range.

Realtors Say Inventory Is Low

Felicia Jones, a local real estate broker and president of the Greater Erie Board of Realtors, says there just aren’t enough homes on the market right now. She pointed out that many homeowners are holding off on selling, which limits buyers’ choices. When there’s low inventory but still plenty of interest from buyers, prices tend to rise. This kind of market can be frustrating for people looking to buy a home, especially first-time buyers.

It’s a Seller’s Market

This current trend gives sellers an advantage. With fewer homes available and steady demand, sellers don’t have to offer many incentives to attract buyers. Homes are still being purchased relatively quickly, even at higher prices. Sellers in popular areas like Millcreek and Fairview are especially benefiting from the current conditions, often getting close to or above their asking price.

Erie’s Market Reflects a National Trend

What’s happening in Erie isn’t unique. Many areas across the U.S. are seeing the same pattern: rising home prices and fewer homes for sale. Interest rates are still a factor, but local demand in Erie seems strong enough to keep the market moving. The region’s affordability compared to bigger cities may also be helping to keep buyers interested, even as prices climb.