Market Intelligence · PA / Erie

Erie, PA 16505 Housing Market

In Erie's 16505 ZIP code, the typical home value stands at $255,685, up 3.8% over the past year. The median list price is $324,950, and homes typically spend 28 days on the market.

Updated September 2026Median value$256K

The median home value in Erie, PA 16505 is $256K as of September 2026, up 3.8% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

Sell without the wait

Sell your Erie home for cash.

A competitive, no-obligation cash offer from our institutional network. No repairs, no showings, close on your timeline. Most sellers get their cash offer within 24 hours.

Typical 16505 range

$235K to $276K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

Not sure cash is the right move? Discuss your options with a licensed local pro, free.

Asset monitoring

Track your home's value.

A free monthly briefing with your estimated value and 16505 market stats. Unsubscribe anytime.

See how a cash offer works citywide: Sell your house fast in Erie, PA.

12-month value trend

+3.8% over 12 months

Sep 2025$246K

Low $246KHigh $256K

Sep 2026$256K

The numbers

What is the 16505 housing market like?

As of September 2026

Typical home value

$256K

3.8%YoY

Median list price

$325K

8.5%MoM

Days on market

9.7%MoM

Homes for sale

23.8%MoM

Price cuts

25.4%

129.1%MoM

New listings

16.7%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

16505 housing market forecast 2027

+3.0%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 16505 to rise 3.0% by September 2027.

Over the 12 months through September 2026, typical home values in 16505 rose 3.8%, per the Zillow Home Value Index.

Will home prices drop in 16505?

Zillow's forecast does not call for a drop: it expects typical home values in 16505 to rise 3.0% by September 2027, after a 3.8% rise over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

Free home value report

See what your 16505 home is worth.

See your estimated value and a real cash offer, side by side. No obligation, about a minute.

The comparison

How do 16505 home prices compare?

16505$255,685
Erie$187,114
Pennsylvania$236,800
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Erie: 10 ZIPs; Pennsylvania: 1,362 ZIPs; United States: 26,262 ZIPs).

Context

The 16505 area has 26 homes for sale as of September 2026, with 20 new listings in the same period. The median list price of $324,950 sits notably above the typical home value of $255,685, which suggests sellers are testing higher price points. About one quarter of listings, specifically 25.4%, have already been reduced. With homes selling in around 28 days on average, the pace is reasonable but not brisk. For sellers, this market rewards realistic pricing and well-maintained properties.

Monthly payment

Estimate your monthly payment.

Home price

Down payment20% · $51,137

Term

Rate (%)

Common questions

What people ask us.

What is a typical home value in 16505?

The typical home value in 16505 is $255,685, up 3.8% over the past year.

How many homes are currently on the market in 16505?

There are 26 homes for sale as of September 2026, with 20 new listings in that same month.

How long do homes typically stay on the market in 16505?

Homes in 16505 have a median of 28 days on the market.

Discover

Nearby ZIP markets.

Keep reading