Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 10%
Number of Homes Sold Decreased 16% in June 2024 compared to 2023. There were 478 less homes sold in June 2024. The average sold price did increase over 2% for June 2024 at 303k compared to June 2023 at 296k. There were 578 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there are little over 9 weeks of inventory available (we call this absorption rate), and has increased slightly over last month. There are 164 more current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is a interesting stat) and 420 less than 2022. That is when we started to see the changes coming. This was before interest rates hiked. 2024 is here and its a NEW REAL ESTATE MARKET stronger and better than ever for those that want to move in or out a new home. The good news, you have to work for it, you have to want it, you have to put everything you got into it, and you will ultimately be successful! I had reported before that it seemed like we had hit a plateau of home values & appreciation. I am changing my forecasting at this time, prices have been hitting new highs over and over for last several months. This is a good thing for sellers and homeowners, however buyers have to keep reaching higher and higher to win multiple offer situations.
If I am going to predict the market over the next few months...
This summer still has yet to show what is going to happen. July is notoriously a softer month when it comes to how many homes sell, yet prices are commonly strong. We are seeing some multiple-offer situations in select areas. I said a couple months ago, prices would be soft a little in winter and early spring (that didn’t happen) and bounce very strong in March thru July. Prices are strong. The election season can soften the late summer market and not do us any favors. I do believe we will start to see the buyers back off 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! ;)
See blog post “How Do Presidential Elections Impact the Housing Market?”
In the last 7 days 649 homes have gone under contract with buyers. While there were 723 new listings that entered the market.
There are 4,191 homes under contract preparing to close in the next 2-6 weeks compared to 4,361 homes under contract last month at this time and 4,611 in June 2023.
Demand is remaining fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price is happening, however waiving of home inspections is not happening to much.
Check out the blog post, "3 Graphs That Show How Today’s Inventory Differs from 2008"
