16505 Housing Market Report February 2025•Erie County, Pennsylvania

hero building illustration for mobile

Housing Prices in 16505, PA

How much do homes in 16505, PA cost?

Housing Market Conditions

Is 16505, PA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

16505 is a Seller's Market

Difference Since February 2024

Since last year, 16505 has remained a Seller's Market.

Insight

16505 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$250,000$159/SqFt
+$24,500
+10.9%

Based on all homes sold in the last 12 months

Insight

Homes in 16505 have sold for 10.9% more than they did a year ago.

Summary: The median home sold price in 16505 was $250,000 in February 2025, up 10.9% from last year, and the median price per square foot was $159.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
16415
+24.2%
16502
+16.8%
16505
+10.9%
16506
+6.6%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsFeb 2024Feb 2025Change YoY
1-$205K
N/A
2$164.2K$202.8K
+23.5%
3$220K$241K
+9.5%
4$276K$293.5K
+6.3%
5$370K$280K
-24.3%

Summary: 16505 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +23.5%. The home price for 3 bedroom homes increased by +9.5%. The home price for 4 bedroom homes increased by +6.3%. The home price for 5 bedroom homes decreased by -24.3%.

How does 16505, PA compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

16505, PA

Housing supply in 16505, PA

How many homes are available in 16505, PA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
39Last MonthFeb 2025
322 months agoJan 2025
+21.9 %
Change MoMJan – Feb

Summary: The 16505 real estate market had 39 homes for sale in Feb 2025, a 21.9 % increase compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
13Last MonthFeb 2025
82 months agoJan 2025
+62.5 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
111
0.0%
275
-28.6%
31119
+72.7%
41212
0.0%
512
+100.0%

Summary: 16505 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -28.6%. The inventory for 3 bedroom homes increased by +72.7%. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes increased by +100.0%.

Asking Price vs. Sold Price

How much do homes in 16505, PA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price4 Homes

At Asking Price5 Homes

Under Asking Price4 Homes

Insight

If you're buying a home in 16505, expect to pay close to the asking price. 38.5% of homes here sold near the asking price last month.

Summary: A total of 13 homes were sold or pending in 16505 in February 2025, up by 62.5% month-over-month. Of the 13 sold homes, 31% were sold under asking, 38% were sold at asking, and and 31% were sold over asking.

Days on Market for 16505, PA

How long does it take to sell a home in 16505, PA?

Breakdown of Home Sale Times

Under 30 Days7 Homes

30 – 90 Days5 Homes

Over 90 Days1 Home

Insight

Many homes in 16505 are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 13 homes were sold in 16505; 54% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
30 DaysThis YearFeb 2025
39 Days1 year agoFeb 2024
-21.8 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in 16505 had an average listing age of 30 days in Feb 2025, down by 21.8% compared to the previous year.

Connect With An Agent

Local real estate agents are ready to help you find a home here

Sell My Home

Sell your home with an expert or get the job done on your own.

Get Approved

Get a customizable mortgage solution based on today's rates.

Newest Listings in 16505, PA

What homes are available in 16505, PA?

See More Listings

Nearby markets

Nearby markets aren't available for 16505, PA

Popular Cities with Homes for Sale in Pennsylvania

MLS Disclaimers and Copyright

Based on information from Erie MLS, for the period 03/01/2023 - 03/01/2025

Copyright © 2025 Greater Erie Board of REALTORS®, Inc. Information deemed reliable but not guaranteed. IDX information is provided exclusively for consumers personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/12/2025, 7:15:59 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.