T
he Erie real estate market experienced a notable shift in the final quarter of 2024, with new and active listings declining compared to the same period in 2023. However, this decrease was offset by an increase in average sales prices, which rose by 10.3% year-over-year.

    A closer look at the data reveals that while new listings dropped by 13.2% in the final quarter of 2024, active listings decreased by only 6.7%. This suggests a slight adjustment in the market's dynamics, with buyers and sellers adapting to changing conditions.

    The average listing price for homes in Erie County increased significantly, reaching $229,520 in the final quarter of 2024, a 10% jump from the same period in 2023. The median list price also saw a substantial increase, rising by 13% between the two quarters.

    In terms of sales, the number of pending transactions increased by 11.7% year-over-year, indicating continued demand for properties in the area. However, closed sales declined slightly, with 5.1% fewer transactions in the final quarter of 2024 compared to the same period in 2023.

    According to Marsha Marsh, a member of the Greater Erie Board of Realtors, the decrease in closed sales can be attributed to the limited availability of homes on the market. "You're not going to buy a $400,000-600,000 home and build," she said. "So you're limited with wanting to be in a certain area, and it's hard to find that."

    The average time a house spent on the market also increased, with properties taking an average of 18 days to sell in 2024 compared to 16 days in 2023. This represents a 16.1% increase, highlighting the changing pace of the local real estate market.

    Overall, the data suggests that while new listings and active sales may have declined, the Erie real estate market remains strong, with average sales prices rising and demand for properties remaining steady.