Erie: One of the most affordable housing markets in the country

While home prices may have gone up 4 percent in the fourth quarter of 2018, Erie was named one of the top five cities with the lowest housing prices in the country.

In Erie, the median existing single-family price was $113,300 for the last quarter of 2018, the fifth most affordable metro in the U.S., according to the National Association of Realtors®. These prices were down nearly $10,000 from the third quarter of 2018. Comparatively, the national median existing single-family home price for the fourth quarter was $257,600, an increase of 4 percent year-to-year.

“What is the appeal of Erie to first-time buyers? My thoughts are with rents rising so significantly, in so many cases, it is more affordable for a first-time buyer to purchase a home than rent, building equity at the same time,” said Gerri Newara, president of the Greater Erie Board of Realtors®.

Newara said that 2018 finished strong for the Erie housing market, and she said she thinks 2019 will continue that trend. While prices in the fourth quarter were low, overall, the median home price was $118,700 for the year, up from $115,700 in 2017 and $114,900 in 2016.

Buyers need to be realistic about their expectations though. “As much as I love HGTV, it is not realistic to the homebuying process. The most important thing a buyer can do is to find a real estate agent who can help them understand the entire buying process from beginning to end, including to be able to direct them to a credible lender to help them through every aspect of obtaining a mortgage, because a pre-approval is so important before they start the homebuying search,” added Newara.