A typical Erie County home was listed for $200,000 in October, up 6.8% from the prior month’s $187,352, according to an analysis of data from Realtor.com.
The median existing home price in October was up about 33.3% from October 2021. The median home price in Erie County was 1,701 square feet with a listed price of $124 per square foot.
The Erie County market was crowded with an average of 57 days on the market. A month ago, median home prices were 47 days on the market. The market added 172 new homes listed in October, compared to 252 listed in October 2021. The market finished the month with 300 homes listed for sale.
Higher interest rates make mortgage payments more expensive. With mortgage rates prevailing and down 20%, a mortgage payment on the average home in Erie County would cost $1,073 a month, not including insurance, closing fees, homeowners association dues, or other costs, according to a USA TODAY Network analysis. . A month ago, the average mortgage would have cost $967. A year ago, the average mortgage would have cost $515.
Realtor.com’s median home prices may exclude a lot, or even most, of the market’s homes. Price and size are only representative of homes that are single-family homes, apartment complexes, or townhouses. It includes existing homes, but excludes most new construction and emergency and pending sales.
Information on your local housing market is available from the USA TODAY Network, with more data from Realtor.com.
Home prices in Crawford County rose 0.9%, to $179,000
Home prices in Crawford County increased 0.9%, to an average of $179,000, from the previous month. The typical home has been on the market for 67 days, compared to 54 days in the previous month. A typical 1,673-square-foot home is $102 per square foot.
Across Pennsylvania, median home prices were $280,000, down 0.1% from the previous month. The median Pennsylvania home for sale was 1,708 square feet with a list price of $169 per square foot.
Across the US, home prices averaged $425,000, down 0.5% from the previous month. The average American home for sale was 1,876 square feet, at $218 per square foot.
The average home list price — the midpoint of all homes or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median provides a more accurate view of what’s happening in the market. To find the median price, all listed home prices are added up and then divided by the number of homes sold. This metric can be skewed by low or high price.
The USA TODAY Network is running translated versions of this story on its news sites around the country, which is generated using data from the Realtor.com residential real estate listings database. The story was written by Mike Stuka and Sean Lehman.