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Navigating the real estate market can be a complex endeavor, especially when market conditions are fluctuating. If you're considering buying or selling a home in Sewickley Heights, understanding the current market trends is crucial.
Current State of the Market
As of June 2023, the Sewickley Heights housing market has seen a significant downturn. The median sale price of a home in the area was $193,000 last month, marking a staggering 93.1% decrease compared to the same period last year. Additionally, the median sale price per square foot stands at $125, which is down 56.4% year-over-year.
The market in Sewickley Heights is currently not very competitive. On average, homes are selling for about 6% below the list price and typically go pending in around 163 days. Multiple offers on homes are rare, indicating that buyers have more negotiating power at this time. However, it's worth noting that homes considered "hot" in the market can sell for approximately 1% below the list price and go pending in around 88 days.
Interestingly, only 0.54% of homebuyers are looking to move into Sewickley Heights from outside metropolitan areas. The majority of these external inquiries are coming from Washington, followed by New York and Wheeling. This suggests that Sewickley Heights is not a primary target for long-distance relocations but does have some appeal for those in specific metros.
Between June and August 2023, 21% of Sewickley Heights homebuyers were searching to move out of the area. However, a significant 79% were looking to stay within the Sewickley Heights metropolitan area. Among those looking to relocate, Myrtle Beach emerged as the most popular destination, followed by Birmingham and Sarasota.
The Sewickley Heights real estate market is currently experiencing a downturn, with declining home prices and a less competitive environment. While this may present opportunities for buyers, it's essential to be aware of the broader migration and relocation trends affecting the area. Most residents are choosing to stay within the metropolitan area, and only a small percentage are looking to move in from other parts of the country.
Whether you're a buyer, a seller, or an investor, understanding these trends can help you make more informed decisions. Keep an eye on the market, consult with real estate professionals, and consider your options carefully to navigate this challenging landscape successfully.
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With her design expertise and exceptional marketing materials, Kim Marie showcases her listings in a way that's unlike other Realtors®. Whether you are looking to buy or sell you won't find a Realtor® as hard-working and dedicated as Kim Marie Angiulli.