Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 13%
Number of Homes Sold Decreased 1% in December 2024 compared to 2023. There were 11 less homes sold in November 2024. The average sold price did increase nearly 8% for December 2024 at 279k compared to December 2023 at 256k. There were 378 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 10+ weeks of inventory available (we call this absorption rate), and has increased from 8 weeks a year ago. There are 67 more current pending home sales right now, compared to last year at this time according to the West Penn MLS and (this is a interesting stat) 9 more than 2022. To summarize…more homes for sale, more homes pending to sell, prices staying about or slightly above the inflation rate about 5-6% & more homes doing price reductions than anytime in the last 4-5 years.
If am going to predict the market over the next few months...
With the changes in the government there will be a increase of inventory and no softening of prices. 2025 is going to be GOOD! ;)
In the last 7 days 482 homes have gone under contract with buyers. While there were 334 new listings that entered the market.
There are 2,504 homes under contract preparing to close in the next 2-6 weeks compared to 2,989 homes under contract last month at this time and 2,437 in December 2023.
Demand is remaining fairly strong for 1)well marketed, 2)desirable & 3)effectively priced homes. Multiple-Offers over asking price is not happening all that much and waiving of home inspections is not happening to much either.
“I believe we will see a significant increase of homes sold in 2025”
