Metropolitan Statistical Area (MSA):
Oil City, PA is a Metropolitan Statistical Area (MSA) comprising counties including Venango County.
The Oil City, PA metropolitan statistical area (MSA) is located in the northwest corner of the state. The MSA includes all of Venango County and portions of Clarion, Crawford, and Mercer Counties. The MSA had a population of 104,427 as of the 2010 census.
The housing market in the Oil City MSA has been strong in recent years. The median home price in the MSA was $142,000 in 2017, up from $131,000 in 2016. The number of homes sold in the MSA also increased from 1,662 in 2016 to 1,824 in 2017.
There are several factors that have contributed to the strong housing market in the Oil City MSA. One is the region's strong economy. The unemployment rate in the MSA was just 4.7% as of December 2017, well below the national average of 4.1%. This low unemployment rate has helped to create a strong demand for housing.
Another factor that has contributed to the strong housing market is an increase in population growth. The population of Venango County grew by 0.8% between 2016 and 2017 according to estimates from the U.S Census Bureau. This increase in population has helped to create additional demand for housing units which has put upward pressure on prices and sales volume