Greater Pittsburgh Real Estate Market Report
How Prices & Sales Are Trending
HERE IT IS!!- Less homes selling, for about 8.0% more $$ on average & taking one more day to sell. Comparing our current numbers to the Avg sales price 3 years ago July 2021 came in at $263,852 this shows 14% increase of sales price from 2021 to now. Let's go back and compare 3 years prior, July 2018 average of $205,973 to 2021 numbers and we get about 22% 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 moving in the late summer real estate market with low inventory of homes available. Often times late August can be a little slower moving as most people in Western PA are getting their last vacations in and preparing for kids for school. Buyers are ready to make moves yet can be a little pre-occupied. 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 591 new listings (2023 we had 866) enter the market and 722 go under contract (2023 we had 992). 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 primarily a sellers market in most neighborhoods, this might be shifting as election season kicks in high gear. See blog post “Do Elections Impact the Housing Market?” for more on this. In my 17 years of real estate experience estate I have noticed that the market has nearly always softened from July till the end of the year during election years. So, this is going to get interesting, I am having more and more conversations with folks that seem to be preparing to move, that a year ago were not. We are seeing multiple offers and waiving of home inspections on some properties over the last few weeks. As they are dropping interest rates it will be interesting if buyers come on stronger in September and October, (due to election, you might think not) and push prices higher and into a continued seller market yet again, pricing some buyers out of the market.
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. Buyers & Sellers are negotiating alittle more, from June 99.20% changing about 1/2% to 98.70% in July, which on average is about $1,500.
Currently, there are 3683 homes under contract slated to close in the next 2-6 weeks. With 111 properties that went under contract in the last 24 hours.
Trending
July 2024 July 2023
Avg sales price $305,675 Avg sales price $278,829
Total Homes Sold 2585 Total Homes Sold 2382
Days on Market 39 Days on Market 38
June 2024 June 2023
Avg sales price $301,216 Avg sales price $296,964
Total Homes Sold 2424 Total Homes Sold 2870
Days on Market 40 Days on Market 41
May 2024 May 2023
Avg sales price $280,349 Avg sales price $263,965
Total Homes Sold 2478 Total Homes Sold 2381
Days on Market 45 Days on Market 46
April 2024 April 2023
Avg sales price $274,643 Avg sales price $258,403
Total Homes Sold 2196 Total Homes Sold 2003
Days on Market 53 Days on Market 55
March 2024 March 2023
Avg sales price $258,504 Avg sales price $240,511
Total Homes Sold 2058 Total Homes Sold 2219
Days on Market 60 Days on Market 62
February 2024 February 2023
Avg sales price $252,939 Avg sales price $225,964
Total Homes Sold 1537 Total Homes Sold 1493
Days on Market 62 Days on Market 67
January 2024 January 2023
Avg sales price $243,745 Avg sales price $231,130
Total Homes Sold 1418 Total Homes Sold 1517
Days on Market 56 Days on Market 54
December 2023 December 2022
Avg sales price $256,497 Avg sales price $243,037
Total Homes Sold 1999 Total Homes Sold 2174
Days on Market 48 Days on Market 48
November 2023 November 2022
Avg sales price $255,562 Avg sales price $247,550
Total Homes Sold 1998 Total Homes Sold 2117
Days on Market 44 Days on Market 43
October 2023 October 2022
Avg sales price $267,886 Avg sales price $258,957
Total Homes Sold 2211 Total Homes Sold 2327
Days on Market 41 Days on Market 38
September 2023 September 2022
Avg sales price $264,901 Avg sales price $256,689
Total Homes Sold 2355 Total Homes Sold 2667
Days on Market 40 Days on Market 38
August 2023 August 2022
Avg sales price $279,015 Avg sales price $267,971
Total Homes Sold 2440 Total Homes Sold 2897
Days on Market 38 Days on Market 33
July 2023 July 2022
Avg sales price $279,302 Avg sales price $284,680
Total Homes Sold 2375 Total Homes Sold 2771
Days on Market 38 Days on Market 33
June 2023 June 2022
Avg sales price $297,319 Avg sales price $283,007
Total Homes Sold 2861 Total Homes Sold 3075
Days on Market 41 Days on Market 32
May 2023 May 2022
Avg sales price $264,957 Avg sales price $273,699
Total Homes Sold 2371 Total Homes Sold 2732
Days on Market 46 Days on Market 37
April 2023 April 2022
Avg sales price $259,312 Avg sales price $259.786
Total Homes Sold 1974 Total Homes Sold 2461
Days on Market 55 Days on Market 43
March 2023 March 2022
Avg sales price $240,550 Avg sales price $252,519
Total Homes Sold 2207 Total Homes Sold 2377
Days on Market 62 Days on Market 52
February 2023 February 2022
Avg sales price $226,033 Avg sales price $235,059
Total Homes Sold 1489 Total Homes Sold 1810
Days on Market 67 Days on Market 56
January 2023 January 2022
Avg sales price $231,130 Avg sales price $238,464
Total Homes Sold 1517 Total Homes Sold 1911
Days on Market 54 Days on Market 48