Rep. Warren Davidson, R-Ohio, discusses the housing bill and introduces the SAVE America Act on The Bottom Line.
Bargain-seeking home buyers have made the Pennsylvania port city one of the hottest real estate markets in the country.
Erie, Pennsylvania, is located on Lake Erie and is home to Pennsylvania’s only Great Lakes port and the community’s accessibility and quality of life have helped elevate it to Realtor.com’s hottest real estate markets.
The June edition of the report on the hottest housing markets ranks Erie second in the country, behind only Hartford, Connecticut, which topped the list for the second month in a row. The report measures demand based on a unique view of each property on the Realtor.com platform, as well as market velocity based on the number of days a listing remains active online.
Erie, Pennsylvania, as seen from Lake Erie. (Marli Miller/UCG/Universal Images Group via Getty Images)
In June, Erie attracted 3.3 times the average number of viewers per property, while the average listing sold in just 29 days — the same as Hartford and six days faster than last year. In contrast, the average US home was on the market for 53 days before it sold in June.
AN UNBREAKABLE OBSTACLE KEEPING AMERICA FROM BUILDING THE KNOWLEDGE IT NEEDS
“Erie’s heat is being fueled by a lack of inventory,” said Realtor.com chief economist Hannah Jones.
“While other markets have seen progress in inventory, Erie continues to see declining levels of listings. As a result, the market continues to overheat compared to the rest of the country,” he said.
HOUSING POWER TO IMPROVE AS HOME PRICE GROWTH COOLS, REALTOR.COM PREDICTIONS
The Northeast is the hottest region in the country and dominates the top 20 rankings. (Getty Images)
Erie, with a population of about 91,000, has a median listing price of $239,000 — a rate nearly $200,000 lower than the national median and about a fraction of Hartford.
That made Erie the second most affordable city in the country among the 20 hottest housing markets, behind only Binghamton, New York, which had a median price of $227,000 last month.
“For buyers looking to be in the Great Lakes region, Erie may be at the top of the list for attractive quality of life amenities and accessibility throughout.”
WHY AREN’T AMERICANS SUBMITTED TO THIS RETIREMENT HOTSPOT IN FLORIDA
Erie has a strong list of home listings, which has resulted in one of the lowest market times in the country. (Getty Images)
The Realtor report noted that the Northeast and Midwest continue to dominate the 20 hottest real estate markets, while 16 of the most in-demand communities are located in the Northeast.
Nationally, median list prices fell 2.5% year-over-year in June, and pending home sales rose for the seventh consecutive month.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“That combination of lower prices and increased contract signings shows that sellers are meeting buyers where they are,” Jones said. “Sellers who price realistically are rewarded for engagement.”
