Pittsburgh has an amazing location for the housing market. Namely, it sits directly where Allegheny and Monongahela rivers meet to create the Ohio River. This is what gave this beautiful city access to the ocean. Along with this, the nearby iron deposits contributed a lot to its expansion and growth. All of this led to nearly 300,000 people deciding to make this city their own. However, the housing trends in Pittsburgh reach a much larger area than this one. Therefore, the real estate marker of Pittsburg is actually home to more than two million people.
The real estate market in Pittsburgh is rather large
Introduction to Pittsburgh real estate market
Pittsburgh is at the top of the Nationwide’s 2015 Health of Housing Market Report. Also, it has approximately 90 very different and eclectic neighborhoods. Conveniently, many of them have easy access to the downtown area and urban facilities. In the following text, you will be able to read about the top reasons you should invest in housing trends in Pittsburgh. Luckily for you, Pittsburgh has some great movers to offer who will be more than happy to help you with your relocation. Along with this, you will find out in which coarse the housing trends are heading nowadays.
Housing trends in Pittsburgh – predictions for 2019
Namely, the average value of homes in Pittsburgh is $150,700. Over the past year, the home values in Pittsburgh have gone up 13.4%. Furthermore, the Pittsburgh real estate market predicts that they will rise by 9.5% in the year 2019. On the list of average prices per square foot, Pittsburgh comes in with $133 per square foot. The average price of homes which you can currently find in Pittsburgh listings is $200,000. When it comes to the houses that were sold, their average price is $149,800. On the other hand, the average price of rent in Pittsburgh is $1,350. Since you now know all the facts, they can help you simplify your life after relocation. This is because you will know what to expect and will be ready to plan accordingly.
Know what to expect before moving to Pittsburgh
Pittsburgh trends on the real estate market
Namely, housing trends in Pittsburgh indicate that the average home sales will increase by $12,500. On the other hand, the average rent per month over the past year hasn’t seen an increase at all. Furthermore, over the same period, the average price per square foot changed to $121, from the previous $112. In comparison to the same period of the previous year, this increase is as high as 8%!
Keep in mind that the Pittsburgh real estate market is pretty much competitive. Houses in Pittsburgh receive an average of one offer and sell in less than 70 days. For the last month, the average sale price of a house in Pittsburgh was $160K. In comparison to the price of the same house last year, this is an increase of 17.2%. Since homes in Pittsburgh receive one offer on average, they also sell for about 4% below list price. Along with this, they go pending typically in less than 70 days.
Summary of the housing trends in Pittsburgh so far:
- Average Sales Prices are around $167,500
- Price Per Square foot is $121
- Average Rent Per Month is $1,300
- Average Household Income in Pittsburgh is $46,250
- Home Owners make about 64% of the population
- Single Residents make around 43% of the population
- The average age is 41
- 40% have a college degree
As of today, there are more than 3,000 homes for sale in Pittsburgh. They range from $1,000 to nearly $7 million. Within one week, almost 150 new houses become listed on the market. Along with this, there are more than 1,300 houses up for rent. Interestingly enough, the rent goes up to $899K a month. There are exactly 129 neighborhoods in Pittsburgh, and Shadyside is the most expensive one. Namely, it has an average listing price of $472K. On the other hand, the most affordable neighborhood is, in fact, Carrick. This is due to its average listing price being no more than $91.2K
Housing trends in Pittsburgh in December of last year
In December of last year, the average listing price of houses in Pittsburgh was $169.9K. However, over the years, it has steadily been trending up 4.6%. The average listing price per square foot in Pittsburgh was $50, while the average sale price was $170K. What is interesting about these housing trends in Pittsburgh is that the houses were sold for almost 3% below the asking price. Furthermore, on average, houses in Pittsburgh sell after being on the market for 73 days. This means that the trend for average days on market in Pittsburgh has been stagnate since the previous year.
Pittsburgh home prices and increase rates
Pittsburgh real estate increased by 50.39% over the last ten years. This means that the average annual home rate of increase was 4.16%. Because of this, Pittsburgh is in the top 10% of cities for real estate increase in the nation. Therefore, if you are a home buyer or real estate investor, Pittsburgh definitely is one of the best long-term real estate investments. So, do not hesitate to contact a moving company in Pittsburg, such as movinmurdy.com. Not only will they help you with your relocation, but they will also be able to give you some pointers along the way!
Most popular housing types in Pittsburgh
In Pittsburgh, the most popular housing type are single-family detached homes, with around 44% of houses being this kind. In Pittsburgh, primarily live in small (one, two or no bedroom) single-family detached homes. Also, there is a mixture of people who own the houses they live in and those who rent them. Other types of housing that are common in Pittsburgh are:
Detached houses are the most popular in Pittsburg
- large apartment complexes or high-rise apartments
- duplexes
- homes made into apartments
- other small apartment buildings
- a few row houses and
- other attached homes
Housing trends in Pittsburgh from January to February
Moreover, from January to February, the average list price in Pittsburgh has been just below $200,000. Then, the average listing price in Pittsburgh was less than 1% in between these two months.