The story of this market
The typical home in ZIP 16501 sells for about $228,750, or $157 per square foot.
Prices are down 2.5% from a year ago, which gives buyers more room to negotiate. Homes take about 29 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $521 a month.
ZIP 16501 — Erie
The Erie housing market in 16501 shows signs of stabilization with a median sale price of $228,750. While year-over-year prices have seen a slight decline, the market remains competitive with low months of supply. Demand is driven by urban professionals and those seeking proximity to downtown amenities.
This ZIP is ideal for urban professionals, commuters, and renters who value proximity to downtown employment, cultural attractions, and the waterfront. It is less suited for those seeking large suburban lots or quiet residential neighborhoods.
Median prices moved down 2.5% year over year.
Homes spend a median of 29 days on market with 1.6 months of supply — a fast-moving market.
9% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 18.8% · poverty 60.3% — elevated distress and economic pressure.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 16501, Erie County PA
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in Erie are higher than the national average, with property and violent crime being primary concerns in the urban core. Local law enforcement continues to focus on community-based initiatives to address these trends.
Public schools in the Erie area are served by the Erie City School District, which faces ongoing challenges regarding funding and academic performance metrics compared to suburban districts.
The area faces risks from lake-effect snow and potential flooding near the Lake Erie shoreline. Property insurance premiums are influenced by these environmental factors and the age of the housing stock.
Economic momentum is driven by healthcare, manufacturing, and education sectors, with ongoing efforts to revitalize the downtown waterfront. Major employers include UPMC Hamot and Erie Insurance.
Property taxes in Erie are levied by the city, county, and school district, with the school district typically accounting for the largest portion of the tax bill. Assessment is managed by the county, and exemptions are available for qualifying seniors and veterans.
The ZIP code is centrally located in downtown Erie, providing short commutes to major employment hubs and government offices. Public transit via the Erie Metropolitan Transit Authority is readily available.
Residents have access to the Erie waterfront, Bicentennial Park, and various cultural amenities including the Erie Art Museum and Warner Theatre. Shopping and dining are concentrated in the downtown district.
The rental market is characterized by high demand for urban apartments, with vacancy rates remaining relatively low. Short-term rentals are present but regulated by city ordinances.
The economy is anchored by healthcare, insurance, and manufacturing. Major employers include Erie Insurance and UPMC Hamot.
The area is served by major highway corridors including I-79 and I-90, with local transit provided by EMTA.
Ongoing urban renewal projects focus on downtown infrastructure and mixed-use residential developments.
The Erie County Assessment Office manages property valuations for tax purposes, with periodic reassessments conducted to ensure equity.
Parcels are subject to city, county, and Erie School District taxes, with no major MUD/PID districts reported.
Property insurance premiums are moderate but sensitive to lake-effect weather risks and building age.
Data retrieved from data.census.gov for ZCTA 16501.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Splash Lagoon4.34.9 mi
- Waldameer & Water World4.63.3 mi
- Elevate Trampoline Park4.43.3 mi
- Round1 Bowling & Arcade - Erie4.23.5 mi
- Play Port Arcade & Family Fun Center4.62.8 mi
- Erie Insurance Arena4.60.9 mi
- Golden Corral Buffet & Grill4.24.6 mi
- Bayfront Convention Center4.51.2 mi
- Port Farms4.716.8 mi
- Lake Erie Speedway4.513.7 mi
- Presque Isle State Park4.82.9 mi
- Splash Lagoon4.34.9 mi
- Erie Zoo4.41.7 mi
- Presque Isle Beach4.83.7 mi
- Presque Isle Lighthouse4.73.4 mi
- Presque Isle State Park4.82.9 mi
- Asbury Woods4.85.7 mi
- Presque Isle: Beach 114.63.1 mi
- Frontier Park4.81.2 mi
- Presque Isle: Beach #14.83 mi
- Erie Yacht Club4.61.8 mi
- North East Marina4.518.2 mi
- Sun Life Marinas - Bay Harbor4.60.9 mi
- Sun Life Marinas - Perry's Landing4.60.9 mi
- Lake Erie4.664 mi
- Whispering Woods Golf Club4.56.4 mi
- Mound Grove Golf Course4.69.8 mi
- Scenic Heights Golf Course4.410.6 mi
- Elk Valley Golf Course4.111.2 mi
- Lake Shore Country Club4.66.9 mi
- Millcreek Mall Complex4.33.5 mi
- T.J. Maxx4.43.7 mi
- Kohl's4.34.2 mi
- Ross Dress for Less4.23.5 mi
- Burlington4.14.3 mi
- Erie International Airport4.24.6 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Features a diverse collection of American and international art.
Historic venue hosting concerts, Broadway shows, and local events.
Urban green space located near the waterfront.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.