Greater Pittsburgh Real Estate Market Report
How Prices & Sales Are Trending
HERE IT IS!!- Less homes selling, for about 5% more $$ on average & taking a couple days longer to sell. Comparing our current numbers to the Avg sales price 3 years ago as covid shutdowns were no longer really much of a thing in January 2021 came in at $226,217 this shows 7% increase of sales price from 2021 to now. Let's go back and compare 3 years prior, January 2018 average of $184,342 to 2021 numbers and we get about 24% increase in similar time frame. The math shows real estate is about a 4.1% yearly appreciation in the Greater Pittsburgh Markets over the last 6 years. Seems like a winner to me.
We are in the last of the Winter real estate market with lower than normal inventory of homes available. February typically can be busy early in the month then slows till about mid-February. AS that is the beginning of the early Homes to come on the market. Would you consider, who looks at homes this time of year in this during cold weather we are having? Answer = SERIOUS BUYERS!! Who do you want to sell your home too? Answer = SERIOUS BUYERS!! You also need to be presenting a good marketable home and make a great first impression to maximize your return. You can check out my list of Tips to Prepare Your Home now.
Market Watch
Good information to know, in the last 7 days we have had 456 new listings (2023 we had 344) enter the market and 715 go under contract (2022 we had 722). Inventories are rising compared to last year however there is still a need for good homes to come on the market. There are alot of buyers actively looking RIGHT NOW to make offers, are you ready? It does seem to shift a little back and forth between being a buyers market and a sellers market. This is going to get interesting, I am having more and more conversations with folks that seem to be preparing to move, that a year ago were not. It’s possible buyers market is LOOMING out there somewhere very soon or if they drop rates it will be a full on seller market yet again, pricing many buyers out of the market. Time will tell.
Pricing homes right now is so so important. You have to use a strategy, not just post a high price and hope you get it. Those homes are just dropping their prices or sitting on the market. Buyers & Sellers are negotiating alittle more, from December 96.33% changing 1/2% to 95.81% in January, which on average is about $1200. We could see a market heat up quickly till about June/July, then the election will put a damper on it some.
Currently, there are 3371 homes under contract slated to close in the next 2-6 weeks. With 113 properties that went under contract in the last 24 hours.
Trending
January 2024 January 2023
Avg sales price $244,209 Avg sales price $231,130
Total Homes Sold 1407 Total Homes Sold 1517
Days on Market 56 Days on Market 54
December 2023 December 2022
Avg sales price $256,497 Avg sales price $243,037
Total Homes Sold 1999 Total Homes Sold 2174
Days on Market 48 Days on Market 48
November 2023 November 2022
Avg sales price $255,562 Avg sales price $247,550
Total Homes Sold 1998 Total Homes Sold 2117
Days on Market 44 Days on Market 43
October 2023 October 2022
Avg sales price $267,886 Avg sales price $258,957
Total Homes Sold 2211 Total Homes Sold 2327
Days on Market 41 Days on Market 38
September 2023 September 2022
Avg sales price $264,901 Avg sales price $256,689
Total Homes Sold 2355 Total Homes Sold 2667
Days on Market 40 Days on Market 38
August 2023 August 2022
Avg sales price $279,015 Avg sales price $267,971
Total Homes Sold 2440 Total Homes Sold 2897
Days on Market 38 Days on Market 33
July 2023 July 2022
Avg sales price $279,302 Avg sales price $284,680
Total Homes Sold 2375 Total Homes Sold 2771
Days on Market 38 Days on Market 33
June 2023 June 2022
Avg sales price $297,319 Avg sales price $283,007
Total Homes Sold 2861 Total Homes Sold 3075
Days on Market 41 Days on Market 32
May 2023 May 2022
Avg sales price $264,957 Avg sales price $273,699
Total Homes Sold 2371 Total Homes Sold 2732
Days on Market 46 Days on Market 37
April 2023 April 2022
Avg sales price $259,312 Avg sales price $259.786
Total Homes Sold 1974 Total Homes Sold 2461
Days on Market 55 Days on Market 43
March 2023 March 2022
Avg sales price $240,550 Avg sales price $252,519
Total Homes Sold 2207 Total Homes Sold 2377
Days on Market 62 Days on Market 52
February 2023 February 2022
Avg sales price $226,033 Avg sales price $235,059
Total Homes Sold 1489 Total Homes Sold 1810
Days on Market 67 Days on Market 56
January 2023 January 2022
Avg sales price $231,130 Avg sales price $238,464
Total Homes Sold 1517 Total Homes Sold 1911
Days on Market 54 Days on Market 48