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Home prices in Erie County average $223,000. Here’s what you can buy with it

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Home prices in Erie County average 3,000. Here’s what you can buy with it

Too much demand, too little supply.

That’s the state of Erie County’s real estate market, said Mark Kibbe, district vice president at the Pennsylvania Association of Realtors.

And it’s the reason why house prices are rising.

In the first quarter of 2024, the average list price of a home in Erie County was $223,394. That’s up 3% from the first quarter of 2023 and about 12% higher than the first quarter of 2022, which averaged $196,549, according to statistics from the Greater Erie Board of Realtors.

The average sales price in the first quarter of 2024 was $202,583, a jump from $190,293 in the first quarter of 2023; and $176,000 in the first quarter of 2022.

There are not enough homes available to meet demand

Kibbe, who is also a member of the Greater Erie Board of Realtors, said the rising prices are mainly due to a housing inventory that is struggling to keep up with demand, a problem that has only been exacerbated by the COVID-19 pandemic .

In the first quarter of 2019, prior to the pandemic, there were 1,060 active listings of available homes in Erie County.

A year later, when the pandemic hit, that number dropped to 680.

In the first quarter of 2024, the number of active listings is 380, a decrease of almost 70% compared to 2019.

a "For sale" sign next to a house.a "For sale" sign next to a house.

A ‘for sale’ sign next to a house.

“In an average market, we should be closer to 1,000 active listings,” Kibbe said.

Kibbe said owners are hesitant to sell because they risk paying mortgages with higher interest rates if they buy a new home. He said owners are also reluctant to sell because they know there is a shortage of available affordable housing.

“No area seems to be immune to these price increases, and it really comes down to a lack of sufficient inventory,” he said.

What can you buy for the average list price?

An example of the type of home that can be purchased at or around the average list price in Erie County – $223,394 – is the four-bedroom, two-bath split-level home located at 4320 Wayne St.

The four-bedroom, two-bath split-level home, located at 4320 Wayne St. in Erie, is listed at $224,900.The four-bedroom, two-bath split-level home, located at 4320 Wayne St. in Erie, is listed at $224,900.

The four-bedroom, two-bath split-level home, located at 4320 Wayne St. in Erie, is listed at $224,900.

The 1,424-square-foot home, which sits on a 7,200-square-foot lot, is priced at $224,900 and includes a one-car garage and fully fenced backyard and features a short half-mile drive to Mercyhurst University, according to Realtor.com .

The home features a family room, living room, full basement and kitchen with new appliances and granite countertops. Also included are new vinyl plank floors in the upstairs bedrooms and an updated conditioner and oven.

The living room in a house at 4320 Wayne St. in Erie.The living room in a house at 4320 Wayne St. in Erie.

The living room in a house at 4320 Wayne St. in Erie.

The house, built in 1972, sold in 2020 for $130,000.

Another option is the one-bedroom, one-and-a-half-bathroom loft home at 14480 Main St., in Wattsburg.

The one-bedroom, one-and-a-half-bath loft home at 14480 Main St. in Wattsburg is for sale for $225,000.The one-bedroom, one-and-a-half-bath loft home at 14480 Main St. in Wattsburg is for sale for $225,000.

The one-bedroom, one-and-a-half-bath loft home at 14480 Main St. in Wattsburg is for sale for $225,000.

The 946-square-foot home, valued at $225,000, includes three lots on more than 3.5 acres of land along French Creek and Main Street in downtown Wattsburg.

The home, built in 1999, features an open kitchen and living room with a fireplace, a primary loft suite with spiral staircase and an attached full bathroom, according to Realtor.com.

The kitchen in the one-bedroom, one-and-a-half-bathroom loft home at 14480 Main St., in Wattsburg.The kitchen in the one-bedroom, one-and-a-half-bathroom loft home at 14480 Main St., in Wattsburg.

The kitchen in the one-bedroom, one-and-a-half-bathroom loft home at 14480 Main St., in Wattsburg.

The home also features an attached, covered rear deck overlooking the creek and an attached shed for additional storage options.

More: Homes in Erie County have recently sold for higher prices: see how much here

AJ Rao can be reached at [email protected]. Follow him on X @ETNRao.

This article originally appeared on Erie Times-News: Erie County real estate: Homes for sale at the median price