Home Values

16502 Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$62,300

  • -1.3% 1-year change
  • 0.9% 1-year forecast

The median home value in 16502 is $62,300. 16502 home values have declined -1.3% over the past year and Zillow predicts they will rise 0.9% within the next year. The median list price per square foot in 16502 is $44, which is lower than the Erie average of $60. The median price of homes currently listed in 16502 is $69,000 while the median price of homes that sold is $67,000. The median rent price in 16502 is $592, which is lower than the Erie median of $700.

Foreclosures will be a factor impacting home values in the next several years. In 16502 3.1 homes are foreclosed (per 10,000). This is greater than the Erie value of 1.1 and also lower than the national value of 4.0

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in 16502 is 4.8%, which is lower than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 16502 homeowners underwater on their mortgage is 18.5%, which is higher than Erie at 12.2%.

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Relative ZHVI
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16502 Market Overview

Data through Jan 31, 2015
  • $62,300 ZHVI
  • 0.9% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Jan 31, 2016)
  • $69,000 Median listing price
  • No recent data Median sale price
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16502 Market Health

Data through Jan 31, 2015
  • 2.3/10 Less healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
    (Dec 31, 2014)
  • No data Average days on Zillow
  • 18.5% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 4.8% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

3.1 homes(Dec 31, 2014) 16502
1.1 homes Erie
4 homes United States
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Nearby Zip Codes

Name Median ZHVI
16506 $158,100
16509 $144,100
16505 $136,400
Name Median ZHVI
16508 $84,300
16504 $80,200
16507 $47,500
Name Median ZHVI
16503 $42,000
 
 

Listings & Sales

Data through Jan 31, 2015
  • $44 Median list price / sq ft
  • No recent data Median sale price / sq ft
  • No data Listings with price cut
16.3%
Sold below listing
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16502 Rentals

Data through Jan 31, 2015
  • Zillow Rent Index

  • $944 16502
    $984 Erie
    $1,350 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 0.9 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $592 Rent list price
  • No recent data Rent list price / sq ft
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