Pittsburgh Homes For Sale

Pittsburgh, PA Real Estate Market

Nestled at the middle of the Allegheny, Monongahela, and Ohio rivers, Pittsburgh, known as the "Steel City," offers a mix of rich history, vibrant culture, and a budding housing market. For those looking to dive into the Pittsburgh real estate scene, here's a detailed analysis of the current trends:

1. Competitive Landscape: Pittsburgh's housing market exhibits moderate competitiveness. While certain properties can garner substantial interest, homes for sale in Pittsburgh, on average, sell after about 51 days on the market. This is a slight uptick from the previous year, which witnessed a 49-day average.

2. Pricing Dynamics:

• Median Sale Price: The recent month saw a median sale price of $260K for Pittsburgh homes for sale, marking a growth of 4.0% from the previous year.
• Price Per Square Foot: Currently pegged at $174, the median price per square foot has risen by 3.3% year-over-year, indicating increased valuation for space in the area.

3. Sales Volume & Duration:

• Monthly Comparison: July 2023 reported 429 home sales, a dip from the 458 sales recorded in June of the prior year.
• Days on Market: Homes for sale in Pittsburgh typically stay listed for around 51 days before finalizing a deal.

4. Offer Dynamics:

• Multiple Offers: A testament to the city's attractiveness, some homes in Pittsburgh receive an average of four offers, driving up their final sale prices.
• Sale-to-List Price Ratio: Homes generally sell for approximately 2% below their listed prices.
• Hot Homes: Desirable properties, known as 'hot homes,' can command prices about 3% above their listing values and may go pending within a brisk 35 days.

5. Migration & Relocation Trends:

• Local vs. Outward Movement: Between June and August  2023, while a majority (79%) of Pittsburgh homebuyers were keen on staying within the metropolitan area, 21% explored options outside Pittsburgh.
• Inflow Trends: Nationally, 0.54% of homebuyers expressed interest in moving to Pittsburgh from external metropolitan zones. Notably, New York, Washington, and Wheeling were the top metros from where potential homebuyers expressed interest in Pittsburgh.
• Outflow Preferences: For those looking to move out of Pittsburgh, Myrtle Beach emerged as the top choice, followed by Birmingham and Sarasota.

Armed with these insights, both potential buyers and sellers can navigate the Pittsburgh real estate market with greater confidence. However, always consider working with a local real estate professional to ensure you get the most out of your property endeavors in this dynamic city.