Why homebuyers are racing to this Pennsylvania port city

Key Points:

• Erie, Pennsylvania, ranked as the second hottest housing market in the U.S. in June, driven by high demand and low inventory, with properties attracting 3.3 times the national average views and selling in 29 days.
• The city's median listing price is $239,000, significantly below the national median and about half of Hartford, Connecticut's, making Erie the second most affordable among the top 20 hottest markets.
• Realtor.com attributes Erie's market heat to a scarcity of for-sale listings, which continues to decline, fueling competition among buyers despite broader national trends of improving inventory.
• The Northeast and Midwest dominate the hottest housing markets, with 16 of the top 20 located in the Northeast, while nationally, median home prices fell 2.5% year-over-year in June and pending sales increased for the seventh consecutive month.
• Realtor.com senior economist Hannah Jones notes that sellers pricing homes realistically are seeing better engagement as the market balances falling prices with rising buyer activity.