16502 — Erie County, Pennsylvania Market Snapshot
Housing market data for zip code 16502 in Erie County, Pennsylvania. Updated monthly with median prices, days on market, and more.
Market Sales Data
25 sales in 2026 (year to date)
Median Sale Price
$142,000
Days to Sell
43
Homes Sold
25
Inventory
7
Sale-to-List
99.3%
New Listings
25
Price/SqFt
$95
Pending Sales
32
Conforming Loan Available
Most homebuyers in 16502 can comfortably use conventional financing. The median home price of $142,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
16502's market is balanced with homes taking an average of 43 days to sell. Buyers have some negotiating room without the pressure of bidding wars.
Sale-to-List Ratio
Homes are selling very close to asking price in 16502 (99.3% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 16502 can comfortably use conventional financing. The median home price of $142,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 16502 are set at the county level.
2026 Loan Limits — Erie County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $541,287 |
| 2 Units | $1,066,250 | $693,050 |
| 3 Units | $1,288,800 | $837,700 |
| 4 Units | $1,601,750 | $1,041,125 |
Affordability Snapshot — Zip 16502
To purchase the median home at $142,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $1,238.
Monthly Payment
$1,238
Income Required
$53,055
Principal & Interest
$875/mo
Down Payment (5%)
$7,100
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 16502.
Estimated Monthly Payment
$1,029
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