The story of this market
The typical home in ZIP 16506 sells for about $320,000, or $104 per square foot.
Prices are up +6.5% from a year ago, so sellers still have some momentum. Homes take about 27 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,216 a month.
ZIP 16506 — Erie
The 16506 housing market is experiencing steady price appreciation of 6.5% year-over-year, supported by low inventory levels of 57 active listings. While sales volume has moderated, the market remains competitive with homes selling near asking price, reflecting a balanced but firm demand from local buyers.
This ZIP is well-suited for family buyers and professionals seeking suburban living with convenient access to Erie's employment hubs and recreational amenities.
Median prices moved up 6.5% year over year.
Homes spend a median of 27 days on market with 3.2 months of supply — a fast-moving market.
11% of listings have cut prices · homes sell at 97.85% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.9% · poverty 8.8% — a stable, low-distress profile.
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 7.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 16506, 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.
The area is served by the Millcreek Township School District, which is generally regarded as a stable suburban district within the Erie region.
The region faces standard seasonal weather risks including heavy lake-effect snow; flood and wildfire risks are generally low to moderate.
Economic momentum is driven by the broader Erie industrial and healthcare sectors, with steady suburban residential development in the western corridor.
Property taxes are assessed at the county, municipal, and school district levels, with the effective rate in this ZIP estimated at 1.4%.
Residents primarily rely on personal vehicles for commutes, with direct access to major east-west corridors like West 26th Street and I-79 leading to downtown Erie.
The area features proximity to Presque Isle State Park, various local community parks, and established shopping districts along the Peach Street corridor.
The rental market shows steady demand with a median rent of $1,400 and limited inventory, reflecting a stable environment for long-term tenants.
The local economy is anchored by healthcare, manufacturing, and education sectors, with major employers including UPMC Hamot and Gannon University.
The area is served by a network of arterial roads connecting to the I-79 and I-90 interchanges, facilitating regional transit.
Development is characterized by infill residential projects and ongoing commercial upgrades along the primary retail corridors.
The Erie County Assessment Office manages property valuations based on a base-year system.
Parcels are subject to Millcreek Township municipal taxes and Millcreek Township School District levies.
Property insurance premiums are influenced by regional lake-effect snow exposure and standard Pennsylvania hazard profiles.
Pennsylvania is a judicial foreclosure state requiring court intervention for the foreclosure process.
Sellers are required to provide a comprehensive property disclosure statement covering known material defects.
Data retrieved from US Census Bureau ACS profiles for ZCTA 16506.
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 mi
- Waldameer & Water World4.63.4 mi
- Elevate Trampoline Park4.47.1 mi
- Round1 Bowling & Arcade - Erie4.22.9 mi
- Play Port Arcade & Family Fun Center4.63 mi
- Erie Insurance Arena4.66.1 mi
- Golden Corral Buffet & Grill4.23.5 mi
- Bayfront Convention Center4.56.2 mi
- Port Farms4.714.9 mi
- Lake Erie Speedway4.517.7 mi
- Presque Isle State Park4.87.2 mi
- Splash Lagoon4.34 mi
- Erie Zoo4.44.8 mi
- Presque Isle Beach4.88.5 mi
- Presque Isle Lighthouse4.77.6 mi
- Presque Isle State Park4.87.2 mi
- Asbury Woods4.81 mi
- Presque Isle: Beach 114.68.1 mi
- Frontier Park4.84.5 mi
- Erie Bluffs State Park4.611.8 mi
- Erie Yacht Club4.64.5 mi
- Sun Life Marinas - Bay Harbor4.65.5 mi
- Sun Life Marinas - Perry's Landing4.65.5 mi
- Whispering Woods Golf Club4.51.5 mi
- Mound Grove Golf Course4.69.8 mi
- Elk Valley Golf Course4.16.1 mi
- The Ridge Golf Club4.27.3 mi
- Lake Shore Country Club4.63.6 mi
- Millcreek Mall Complex4.32.9 mi
- T.J. Maxx4.42.8 mi
- Kohl's4.33.6 mi
- Ross Dress for Less4.22.6 mi
- Burlington4.13.7 mi
- Erie International Airport4.22 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major regional landmark offering beaches, trails, and water recreation.
The primary commercial hub for the region featuring major retailers and dining.
No county-record distress flags across 1 researched property on the ARED base layer. Key-figure check: median price diverges 59.8% from the nearest retained anchor (researched-property base layer) — beyond the 12.5% tolerance; an automated validation case is open and the value publishes pending its verdict. Validation: confirmed genuine market swing — the flagged $320,000 was independently re-read and corroborated by 2 source(s); it stands as the new anchor baseline.