Resilient Pittsburgh Real Estate Market Records Upward Trend, Peaks at $215,000 in 2023

Overview of Pittsburgh Real Estate Market Trends

Pittsburgh’s real estate landscape is a testament to the city’s economic resilience and diversification. Observing the fluctuating patterns yet overall upward momentum, we see that the average value and sold price per square foot of properties have climbed, eliciting optimism among investors in the area.

From February 2023 to January 2024, the market demonstrated a strengthening posture, with the average property value peaking substantially at around $215,000 in November 2023. This peak represents a notable uptick from its lowest point in March 2023, where the average value dipped to approximately $172,000.

Additionally, we notice that the average sold price per square foot hit its zenith in October 2023 at $176. This metric notably indicates properties sold during this month were perhaps more coveted or situated in sought-after locales, hinting at the existence of micro-markets within the city that command a premium.

The median transaction value within Pittsburgh’s active house market underscores a reassuring trend with an increase over both 6-month and 12-month spans. The diverse range of median list prices and sales prices across different zip codes signifies the heterogeneous property values intrinsic to Pittsburgh’s neighborhoods, varying from the more affluent areas manifesting in higher list prices to the more modest neighborhoods with lower entry points.

Sold properties hold the majority share in the market’s pulse, with a median value of around $214,000. This number illustrates the vigorous activity and robust demand in Pittsburgh’s housing scene. The dichotomy in the real estate ecosystem is illustrated by the contrast in values across different spectrums; foreclosure properties in Pittsburgh have a median value of approximately $182,000, which is below the median of the active market, mirroring the common trend of distressed properties fetching lower prices.

Nearby Cities Real Estate Market Trends

Stepping outside the heart of Pittsburgh to its neighboring cities, we encounter a mosaic of markets each telling its own story.

• Homestead’s real estate market trajectory from February 2023 to January 2024 reveals growth, capping off with its peak value of around $129,000 in November 2023.
• Braddock stands out as a bastion of affordability, with average values resting comfortably below $100,000, a strong pull factor for budget-conscious homebuyers.
• Glenshaw’s real estate market commands attention with its higher property values, towering above $200,000 and reaching an impressive peak at approximately $325,000 in July 2023. This figure suggests a community potentially flush with amenities and conveniences that justify the premium.
• Meanwhile, East Pittsburgh experienced a marked average value drop in September 2023, plunging to zero, likely indicative of an anomaly in the data or an abrupt paralysis in market transactions.
• West Mifflin’s market trends serve as a counterpoint, with average values marching upward consistently throughout the year and reaching their apex at around $180,000 in January 2024, indicating steady growth and enduring appeal.

Market Data Overview for Pittsburgh

Delving into the layers of Pittsburgh’s property market overview, the foreclosure niche offers a median value of around $182,000, which while being lower than the median for the active market, unveils opportunities for those seeking more affordable options. Pre-foreclosures and auctions are also benched below the active market median, which is expected due to the pressure of distressed conditions under which these sales often occur.

Bank-owned properties cast a sharper contrast with a discernible lower median value set at approximately $135,000. This facet of the market spurs potential for investments or first-time homebuyers eager to tap into cost-effective opportunities. It elucidates the spectrum of price points within Pittsburgh’s real estate environment, catering to varied financial thresholds and investment strategies.

SubMarket Data

Within the Pittsburgh area, the submarket data speaks volumes about the neighborhood-driven nuances in property values. The disparities in median list prices can be startling – from the high-end zip code 15217 boasting a median list price of around $662,000 to the more modest 15208 with a median list price of around $74,000.

These striking differences between zip codes underscore a real estate market that is segmented and stratified, where each pocket within the city can host a wildly different real estate landscape. Such variations can be attributed to numerous factors, including the economic stature of residents, property sizes, local amenities, historical values, and the overall desirability of the neighborhood.