Your Greater Pittsburgh Real Estate Market Report

The West Penn MLS Active Listings

Increased 8%

WHAT IS GOING ON? Changes are here, interest rates are doing what they are supposed to do at 6%+, there are considerably less homes selling this year versus last year. It seems like prices are starting to come down, especially compared to spring market numbers.. There are price reductions happening over and over again. I'm looking at the current under contract and pending properties and there is 8 weeks of inventory available (we call this absorption rate), and is up slightly from last month. There are 1,329 less pending home sales right now, compared to last year at this time according to the West Penn MLS. I'd be shocked if this changes anytime soon. Interest rates rose 3-4% since last year at this time. This shift in the real estate market will continue until the public becomes comfortable with this new normal of mortgage rates.

If I am going to predict the market over the next few months...

We have about 2 months of inventory available and increasing. Prices will most likely level off or fall slightly. I believe this soft market will continue for 6-18 months and is shifting into a buyers market.

In the last 7 days 655 homes have gone under contract with buyers. While there were 385 new listings that entered the market.

There are 3,052 homes under contract preparing to close in the next 2-6 weeks compared to 3,579 homes under contract last month at this time and 4,381 in November 2021.

Demand will remain for well marketed, desirable & effectively priced homes.

Check out the blog post, "The Ready to Sell? Today's Housing Supply Gives You Two Opportunities."