Pittsburgh, PA
Housing Market
Pittsburgh's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Pittsburgh's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellPittsburgh Housing Market Overview
The housing market in Pittsburgh, PA, has shown steady growth recently. The median home price is up by 5.8% YoY, and currently sits at $242,250. This month, 218 homes were sold, which is a modest 1.9% rise from last year. Properties stay on the market for a median of 97 days. These signs suggest that competition remains moderate and market activity is subdued.
Over the years, Pittsburgh has experienced gradual property value appreciation due to its growing economy, steady job market, and an influx of young professionals. Thanks to its affordable housing, Pittsburgh attracts both local buyers and those relocating from more expensive regions. To capitalize on the steady demand, sellers can price their homes realistically, as well as offer concessions to expedite the sale.
Over the years, Pittsburgh has experienced gradual property value appreciation due to its growing economy, steady job market, and an influx of young professionals. Thanks to its affordable housing, Pittsburgh attracts both local buyers and those relocating from more expensive regions. To capitalize on the steady demand, sellers can price their homes realistically, as well as offer concessions to expedite the sale.
Median Sale Price
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Pittsburgh Housing Supply
Pittsburgh is an attractive market for real estate investors due to its strong local economy and affordable housing. There are currently 1,024 houses for sale in Pittsburgh, which is a 3.85% decrease YoY. This includes 256 new listings entering the market. The housing supply in Pittsburgh stands at 4.8 months, which indicates a balanced market with steady activity.
Pittsburgh's housing supply levels are influenced by seasonal trends. During spring and summer, the market sees an uptick in new listings. Sellers seek to close deals before the school year begins or the season shifts toward fall. Popular neighborhoods like Shadyside, East Liberty, and Mount Washington provide a variety of housing options, from historic homes to modern townhouses. Pittsburgh's solid infrastructure, budget-friendly living, and growing tech and healthcare sectors further appeal to buyers.
Pittsburgh's housing supply levels are influenced by seasonal trends. During spring and summer, the market sees an uptick in new listings. Sellers seek to close deals before the school year begins or the season shifts toward fall. Popular neighborhoods like Shadyside, East Liberty, and Mount Washington provide a variety of housing options, from historic homes to modern townhouses. Pittsburgh's solid infrastructure, budget-friendly living, and growing tech and healthcare sectors further appeal to buyers.
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Pittsburgh Housing Demand
Real estate in Pittsburgh, PA, has seen moderate competition of late. 17.4% of homes in the city sell above their list price, a decrease of 5 percentage points from the previous year. On the other hand, 15.8% of homes have experienced price reductions. Moreover, the sale-to-list price ratio sits at 96.6%. This means that sellers receive 3.4% on average less than their asking price for homes.
As a home seller, aim to price your property accurately from the start, so you can avoid the need for price reductions. Instead of price reductions at later stages, you can offer concessions to buyers to close the deal faster. With a sale-to-list price ratio below 97%, buyers have the leverage to negotiate for lower prices. If you're a buyer, consider homes that have been on the market for a longer period, or have seen price reductions, in order to get the upper hand.
As a home seller, aim to price your property accurately from the start, so you can avoid the need for price reductions. Instead of price reductions at later stages, you can offer concessions to buyers to close the deal faster. With a sale-to-list price ratio below 97%, buyers have the leverage to negotiate for lower prices. If you're a buyer, consider homes that have been on the market for a longer period, or have seen price reductions, in order to get the upper hand.
Homes Sold Above List Price
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Strong
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Balanced
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Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Pittsburgh Housing Market: When to Buy or Sell?
The Pittsburgh real estate market swings between buyer-friendly and seller-friendly conditions. Like the broader Pennsylvania housing market, Pittsburgh's housing market can favor both buyers and sellers based on seasonal trends. When competition is low and inventory spikes, buyers gain more leverage in negotiations. Conversely, sellers benefit from higher prices and quicker sales when demand exceeds supply.
Moreover, if the months of Pittsburgh's housing supply rise above the balanced conditions of the US real estate market (5 to 6 months), it gives buyers more time to evaluate their options. You should keep track of these market dynamics to strategically time your purchase or sale.
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Frequently Asked Questions
How have Pittsburgh house prices changed over the past year?
Over the years, the median home price in Pittsburgh has experienced steady growth. The average price for single-family homes is $223,500, while condos typically cost around $286,000. The market has remained more or less stable, with gradual appreciation driven by demand. Sellers keep adjusting their pricing strategies to stay competitive. You can use our free home value estimator to assess your property's current market value.
What are the Pittsburgh, PA, real estate market predictions for 2025?
Home prices in Pittsburgh are expected to continue rising in 2025. The market remains attractive due to its affordability compared to other cities in the Pennsylvania housing market. However, rising home prices and fluctuating mortgage rates may pose challenges for buyers. Still, Pittsburgh's strong economy is likely to keep the market healthy.
What's Pittsburgh's median home price?
The average home price in Pittsburgh, PA, varies depending on the property type. Single-family homes average $223,500, while condos are priced at around $286,000. If you're looking to buy, there are cheap houses for sale in Pittsburgh, PA, that can fit your budget.
Is this a good time to buy a home in Pittsburgh, PA?
To determine if now is the right time to buy, assess the housing market trends in Pittsburgh. If mortgage rates remain stable and inventory is high, it could be an ideal time to buy. Pittsburgh's relatively low housing costs and steady demand make it a favorable environment for homebuyers.
How is the housing market right now in Pittsburgh?
The housing market in Pittsburgh is stable with moderate demand. Homes are staying on the market for a reasonable amount of time, and there have been no drastic changes. The city remains appealing due to its affordable housing options and growing job market.
When will the Pittsburgh housing market crash?
According to housing market forecasts, the Pittsburgh market is unlikely to crash. Home prices are expected to rise gradually, with demand driven by the area's affordability and economic growth. The market is projected to remain stable, with sustained growth through 2025.
How to buy a home in Pittsburgh?
The process of buying a home in Pittsburgh starts with determining your budget and securing mortgage pre-approval. After that, you can search for Pittsburgh houses for sale, make offers, arrange financing, and complete the closing process. It's always helpful to work with a local real estate agent who understands the market.
How can I list my home for sale in Pittsburgh, PA?
You can list your home for sale with a Flat Fee MLS Pennsylvania listing service. Sites like Houzeo help you save on traditional Realtor commissions by assigning the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Pittsburgh?
The average mortgage rate for buyers fluctuates between 6.8% and 7%. It depends on the market and the borrower's credit score. Always check current rates with lenders.
What is the average cost of living in Pittsburgh, PA?
Pittsburgh's cost of living is 2% lower than the national average. While housing costs are 5% lower than the US median, utilities are 20% more expensive. The average house price in Pittsburgh is $242,250, with regional price variations. Other essential expenses, such as food, transportation, and healthcare, are also relatively affordable.
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