(WJET/WFXP)– Zillow recently released a report detailing how the drop in home values across the nation has spread, including here in northwest Pennsylvania, with one area seeing 70% of homes lose value.

According to the report, 53% of homes in the United States have lost value in the last year, which is the highest since January 2012 and homes in northwest Pennsylvania have followed this trend on average, with 51.25% of reported homes experiencing a loss in value.

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Between Erie (22.3%), Meadville (61.4%), Warren (70.2%) and Oil City (51.1%), homes have lost a combined 205% in value in just the last 12 months.

Compare that to 2024, where only 2.9% of Erie homes, 18.5% in Meadville, 43.8% in Warren and 9.5% in Oil City. Those numbers were sharp declines even from 2023, when 14.1% of Erie homes, 17.4% of Meadville homes, 38.3% of Warren and 35.4% of Oil

and it may seem that values have fallen off a cliff; however, Zillow reported that homes across the nation have been declining in value since they peaked in July 2022.

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Even though the number of homes losing value is the highest it’s been in 12 years, there is a silver lining with Zillow saying only 4.1% of homes are down from their last sale price and 1.6% are down more than 5% from their last sale price nationwide.

Additionally, those losses don’t truly hit until homeowners decide to sell and compared to some other metros, NWPA’s got off easy with some like in Vickburg, MS seeing 96.9% of homes lose their value.

To read the full report and see other areas affected, click here.

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