Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Decreased 5% in October 2024 compared to 2023. There were 103 less homes sold in October 2024. The average sold price did increase over 6% for October 2024 at 282k compared to October 2023 at 266k. There were 715 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 132 mores 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) 154 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 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 673 homes have gone under contract with buyers. While there were 576 new listings that entered the market.
There are 3,425 homes under contract preparing to close in the next 2-6 weeks compared to 3,530 homes under contract last month at this time and 3,293 in November 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.
“December is always is nearly always a better month than November. There is still time to get yours sold this year. ”
