16506 Housing Market Report February 2025•Erie County, Pennsylvania

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Housing Prices in 16506, PA

How much do homes in 16506, PA cost?

Housing Market Conditions

Is 16506, 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

16506 is a Seller's Market

Difference Since February 2024

Since last year, 16506 has remained a Seller's Market.

Insight

16506 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.
$271,750$160/SqFt
+$16,750
+6.6%

Based on all homes sold in the last 12 months

Insight

Homes in 16506 have sold for 6.6% more than they did a year ago.

Summary: The median home sold price in 16506 was $271,750 in February 2025, up 6.6% from last year, and the median price per square foot was $160.

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%
16508
+9.2%
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$120K$127K
+5.8%
2$164.9K$181K
+9.7%
3$225K$231.2K
+2.8%
4$355K$379K
+6.8%
5$451K$361K
-20.0%

Summary: 16506 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes increased by +5.8%. The home price for 2 bedroom homes increased by +9.7%. The home price for 3 bedroom homes increased by +2.8%. The home price for 4 bedroom homes increased by +6.8%. The home price for 5 bedroom homes decreased by -20.0%.

How does 16506, PA compare with other places?

Market comparison tool

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

16506, PA

Housing supply in 16506, PA

How many homes are available in 16506, 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
40Last MonthFeb 2025
412 months agoJan 2025
-2.4 %
Change MoMJan – Feb

Summary: The 16506 real estate market had 40 homes for sale in Feb 2025, a 2.4 % decrease 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
11Last MonthFeb 2025
62 months agoJan 2025
+83.3 %
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
122
0.0%
21010
0.0%
31312
-7.7%
41211
-8.3%
545
+25.0%

Summary: 16506 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 remained the same. The inventory for 3 bedroom homes decreased by -7.7%. The inventory for 4 bedroom homes decreased by -8.3%. The inventory for 5 bedroom homes increased by +25.0%.

Asking Price vs. Sold Price

How much do homes in 16506, 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 Price2 Homes

At Asking Price2 Homes

Under Asking Price7 Homes

Insight

If you're buying a home in 16506, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in 16506 in February 2025, up by 83.3% month-over-month. Of the 11 sold homes, 64% were sold under asking, 18% were sold at asking, and and 18% were sold over asking.

Days on Market for 16506, PA

How long does it take to sell a home in 16506, PA?

Breakdown of Home Sale Times

Under 30 Days5 Homes

30 – 90 Days4 Homes

Over 90 Days1 Home

Insight

Many homes in 16506 are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 11 homes were sold in 16506; 45% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% 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
41 DaysThis YearFeb 2025
41 Days1 year agoFeb 2024
-1.7 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in 16506 had an average listing age of 41 days in Feb 2025, down by 1.7% compared to the previous year.

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Newest Listings in 16506, PA

What homes are available in 16506, PA?

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Nearby markets aren't available for 16506, PA

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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: 3/13/2025, 2:15:59 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.