E
rie County's first quarter 2025 housing report reveals a mixed market, with new listings down 7.4% and closed sales down 1.5%. However, average home prices increased by 2.7%, while median prices rose by 6.4%. According to Marsha Marsh, president of the Greater Erie Board of Realtors, the market is expected to rebound as warmer weather brings more buyer activity.

    Marsh attributes the decline in new listings to factors such as interest rates and tariffs, which may be contributing to a slowdown in the market. Despite this, she remains optimistic that the market will recover, citing historical trends where sales typically increase over time.

    The lack of inventory is a significant issue in Erie County, with Marsh noting that it's not unique to their area. She believes that new listings will increase as the market recovers, but until then, buyers face challenges finding available properties. The absence of new builds or construction in Erie is also a concern, with Marsh highlighting the need for more affordable housing options.

    Closed sales took a slight dip in the first quarter, down 1.5%. Marsh suggests that this may be due to difficulties in navigating the closing process, which can be complex and time-consuming. To mitigate this issue, she recommends buyers work with an experienced agent who can guide them through the process.

    The average sales price of a home in Erie County rose by 2.7% during the first quarter, while the median price increased from $164,400 to $175,000. Marsh attributes this growth to a combination of factors, including rising prices in other states and the code of ethics guiding real estate practices in Erie.

    Looking ahead to the second quarter, Marsh is hopeful that the summer season will bring an increase in home sales, driven by improved weather conditions and increased buyer activity. She expects the third quarter to be strong as well, with buyers taking advantage of better weather to search for homes before the fall season begins.