ZIP 16507 Housing Market & Real Estate Update (Erie, PA)
16507 – February 23, 2026 – Erie-area buyers are seeing mixed signals: inventory still tight, but rates eased and list prices vary widely this week.
Top takeaways
- Mortgage rates eased again last week, which may help affordability for buyers shopping in ZIP 16507.
- For-sale inventory remains limited, but days on market are still relatively long, suggesting pricing sensitivity.
- Pricing signals are split: some sources show higher median list/sale metrics, while Zillow’s typical value index is lower and recently dipped year over year.
ZIP 16507 market snapshot (Erie, PA)
ZIP 16507 is in Erie (Erie County), and the latest public dashboards still paint a small-sample market where individual listings can swing the stats. Realtor.com’s ZIP-level market summary (December 2025 reporting period) shows a median home price around $169,950, about $131 per square foot, with roughly two dozen active listings and an average time on market near 96 days. The same summary shows a median rent around $1,022/month and a year-over-year decline in rent, even as rental counts increased.
On the value-index side, Zillow’s Home Value Index for 16507 shows a typical home value of $97,593 (data through January 31, 2026), down 1.3% year over year. Read that as a broader estimate of home values across the ZIP, not the same thing as current list prices.
Rates watch (national)
Freddie Mac’s weekly survey put the average 30-year fixed rate at 6.01% as of February 19, 2026 (down from 6.09% the prior week). Even a small dip can change monthly payments enough to influence what buyers can qualify for, especially in entry-level price bands.
What’s for sale nearby (quick browse)
Current search pages for 16507 show a wide spread of options:
- Entry-level houses under $50K (often smaller homes that may need repairs).
- A condo option around the mid-$200Ks (useful for buyers who want lower exterior maintenance).
- At least one luxury-priced home listed above $2M, a reminder that unique waterfront/amenity properties can skew averages in a small ZIP.
If you’re actively touring, consider watching two things this week: (1) price reductions on listings that have lingered past the local average days-on-market, and (2) how quickly well-priced, move-in-ready homes go pending.
ServiceXTC local pros (real-estate adjacent)
We did not find confirmed ServiceXTC provider pages to feature for ZIP 16507 in today’s automated pull. If you have a local inspector, roofer, HVAC tech, or electrician you’d like to recommend (or own one), let us know and we’ll work to add them.
Sources
https://www.realtor.com/realestateandhomes-search/16507
https://www.realtor.com/local/market/pennsylvania/zipcode-16507
https://www.zillow.com/home-values/64621/erie-pa-16507/
https://www.zillow.com/erie-pa-16507/
https://www.redfin.com/zipcode/16507/cheap-homes
https://www.freddiemac.com/pmms
What are you seeing right now in 16507: more price cuts, or more buyers jumping quickly on the good listings?