ZIP Code Market Report
16508 — Erie, PA
Data through February 2026 · Updated monthly
Avg Home Value
$160,868
▲ 4.4% year-over-year
Month-over-Month
-1.1%
▼ 1.1%
Single Family
$159,834
Condo / Co-op
--
The average home value in the 16508 ZIP code (Erie, Pennsylvania) is $160,868 as of February 2026. Home prices are rising, up 4.4% compared to last year.
A 3-bedroom home in 16508 is valued at $161,917.
The market in 16508 has a $80,128 spread between bottom-tier homes at $124,650 and top-tier homes at $204,778. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 16508 ZIP code will increase 0.7% over the next 12 months, bringing the projected average to approximately $161,994. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Erie County market area in Pennsylvania. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Erie County report.
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Market Snapshot
16508 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $163,856 | $162,695 | $160,868 | ▼ 1.8% |
| Single Family Value | $159,422 | $159,655 | $159,834 | ▲ 0.3% |
Home Values
16508 Home Value Trend
Historical home values for ZIP code 16508. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 16508
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $138,621 |
| 3 Bedrooms | $161,917 |
| 4 Bedrooms | $171,277 |
Property Types
Home Values by Property Type in 16508
How different property types compare in this ZIP code.
All Homes
$160,868
Single Family
$159,834
Bottom Tier
$124,650
Top Tier
$204,778
Forecast
12-Month Home Value Forecast for 16508
Zillow projects home values in 16508 will increase 0.7% over the next year, reaching approximately $161,994.
Current Value
$160,868
Projected Change
+0.7%
▲ 0.7%
Projected Value
$161,994
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 16508 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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