Pittsburgh Real Estate Market Update: Insights from Pittsburgh's Hardest Working Real Estate Team
Welcome to our latest update on the Pittsburgh real estate market! As Pittsburgh’s Hardest Working Real Estate Team, we’re committed to providing you with the most current and valuable information to help you navigate the ever-changing landscape of home sales and costs in our vibrant city. Whether you're buying, selling, or just staying informed, we've got the latest insights, tips, and statistics to keep you ahead of the game.
Current Market Overview
The Pittsburgh real estate market has shown remarkable resilience and growth over the past year. As of the first quarter of 2024, the median home price in Pittsburgh is approximately $245,000, reflecting a year-over-year increase of 5.2%. This growth is driven by a combination of low inventory, high demand, and historically low mortgage rates.
Home Sales Trends
Increased Demand: Buyer interest remains strong, particularly in suburban neighborhoods where buyers seek more space and a better quality of life. Areas like Squirrel Hill, Mount Lebanon, and Cranberry Township are seeing particularly high demand.
Low Inventory: The inventory of available homes continues to be low, with a current supply of just 1.8 months, compared to the balanced market level of 6 months. This has led to competitive bidding situations, often resulting in homes selling above the asking price.
Quick Sales: Homes in Pittsburgh are selling faster than ever, with the average days on market now standing at just 23 days.
Pittsburgh Market Statistics
Median Home Price: $245,000 (up 5.2% year-over-year)
Average Days on Market: 23 days
Inventory Supply: 1.8 months
Price per Square Foot: $150
Number of Homes Sold (Q1 2024): 2,400 (up 3% year-over-year)
These statistics highlight the robust nature of Pittsburgh’s real estate market. Despite the challenges posed by low inventory, the market remains favorable for both buyers and sellers, with steady price appreciation and quick sales.
Conclusion
Pittsburgh’s real estate market is thriving, with strong demand, rising home prices, and rapid sales. Whether you’re looking to buy or sell, staying informed and prepared is key to success in this dynamic market. As Pittsburgh's hardest working real estate team, we're here to guide you every step of the way. Reach out to us for personalized advice, expert insights, and the dedicated service you deserve.
Stay tuned for more updates, and happy house hunting!
