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 6 days longer to sell. Comparing our current numbers to the Avg sales price 3 years ago February 2022 came in at $235,696 this shows 11% increase of sales price from 2022 to now. Go back and compare 3 years prior, February 2019 average of $178,972 to 2022 numbers and we get about 24% increase in similar time frame. The math shows real estate is about a 5.5% yearly appreciation in the Greater Pittsburgh Markets over the last 6 years. Seems like a winner to me.

We are into the begining of the spring real estate market where inventory of available homes increases and the speed of sales also increases April through June. Be ready, Buyers are on the look now, 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 628 new listings entered the market (2024 we had 501) and 802 go under contract (2024 we had 802). 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 felt more like a buyers market in some neighborhoods, this a seasonal shift. There are often a few questions people have about making the more, see blog post “Is the Housing Market Starting To Balance Out?” for more on this. In my 18 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 that could shift quickly. As the interest rates have fluctuated up and down, it has not given buyers the strongest confidence they will get the most 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 about the same from 6 months ago 96.95% changing about .68% to 96.27% in February, which on average is about $1,852.

Currently, there are 3473 homes under contract slated to close in the next 2-6 weeks. With 129 properties that went under contract in the last 24 hours.

How Prices & Sales Are Trending

Market Watch

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Nick Supik | Realtor