Greater Pittsburgh Real Estate Market Report

How Prices & Sales Are Trending

HERE IT IS!!- Less homes selling, for about 7% more $$ on average & taking on Avg 3 days longer to sell. Comparing our current numbers to the Avg sales price 3 years ago November 2021 came in at $244,441 this shows 10% increase of sales price from 2021 to now. Go back and compare 3 years prior, November 2018 average of $188,986 to 2021 numbers and we get about 23% increase in similar time frame. The math shows real estate is about a 5.16% yearly appreciation in the Greater Pittsburgh Markets over the last 6 years. Seems like a winner to me.

We are moving into the winter real estate market where go from what can be our highest inventory time of August to October to the lowest inventory season of December to March. Be ready though, because December has many times produced more sales than November. Buyers are looking you do need to be ready 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 338 new listings enter the market (2023 we had 301) and 537 go under contract (2023 we had 511). Inventories are rising slightly 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 has been feeling more like a buyers market in alot of neighborhoods, this a seasonal shift. There are often a few questions people have about making the more, see blog post “Don’t Let These Two Concerns Hold You Back from Selling Your House” for more on this. In my 17 years of real estate experience estate I have noticed that the market have nearly always bounced back in a big way by mid 1st Quarter after Presidential Election Seasons. I expect, barring any un-foreseen circumstance, that the real estate markets will be hotter and faster than the last couple spring markets. I am having a lot of conversations with folks that seem to be preparing to move in the next 3-6 months, that 6 months ago were not. We are NOT seeing multiple offers or waiving of home inspections on properties over the last few weeks. As the interest rates have flucuated down and back up, it has not given buyers the strong confidence they will get a more favorable rate yet.

Pricing homes right now is still 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. Making those $5,000 or $10,000 adjustments to the price is sometime what is needed. Buyers & Sellers are negotiating alittle more, from July 98.79% changing about 1.76% to 97.03% in November, which on average is about $4,939.

Currently, there are 2850 homes under contract slated to close in the next 2-6 weeks. With 100 properties that went under contract in the last 24 hours.

How Prices & Sales Are Trending

Market Watch

Trending

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Nick Supik | Realtor