Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 11%
Number of Homes Sold Decreased 17% in September 2024 compared to 2023. There were 394 less homes sold in September 2024. The average sold price did increase over 6% for September 2024 at 282k compared to September 2023 at 264k. There were 753 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 6 weeks a year ago. There are 28 less 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) 308 less than 2022. To summarize…more homes for sale, less homes selling, prices staying about or slightly above the inflation rate about about 5-6% & more homes doing price reductions than anytime in the last 4-5 years.
If I am going to predict the market over the next few months...
This start of fall is Presidential Election Season and seems to slowing down the buyers some, See blog post “How Do Presidential Elections Impact the Housing Market?”. October/November will be slightly soft when it comes to how many homes sell, yet prices will stay 4-7% ahead of last year. We are not gonna see many multiple-offer situations. I do believe we will start to see the buyers back off slightly starting now through the November election. With that there will be a increase of inventory and soften of prices. 2025 is going to be GOOD! ;)
In the last 7 days 736 homes have gone under contract with buyers. While there were 594 new listings that entered the market.
There are 3,530 homes under contract preparing to close in the next 2-6 weeks compared to 3,548 homes under contract last month at this time and 3,838 in October 2023.
Demand is remaining fairly strong for well marketed, desirable & 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.
Check out the blog post, "Are We Heading Into A Balanced Market"?”
