Hot property: It’s still a hot Pittsburgh market – but there are signs of slowing down

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PHOTOS COURTESY OF EDDY HOMES

The Pittsburgh real estate market is still hot, but there are signs that you can shop without getting burned.

Housing prices in the region are starting to fall – and the supply of housing is slowly increasing. In August, the national real estate brokerage firm Red tuna announced the end of a five-month record price streak. Prices have risen 18% year over year, but those numbers seem to have finally plateaued.

Good news for sellers, Redfin also noted in its market analysis, which featured key housing takeouts in more than 400 metropolitan areas, that 54% of homes sell above list price, and about half are under contract within two weeks.

The other good news is that mortgage rates are still below 3%, giving buyers a bit of leeway to make a more informed housing decision. Since most homes always sell for near or above the asking price, if a deal sounds too good to be true, it probably is.

Historically, Pittsburgh hasn’t fallen into the same real estate boom / bust cycle that has affected other markets – until now. While driving in the East End, I saw a lot of “for sale” signs come up and stay in place for much longer than expected. Is it because of overzealous prices?

“Not necessarily,” says Racheallee Lacek of Piatt Sotheby’s International Realty in Pittsburgh. “A lot of it is hiring. When I see articles about local hiring in business journals, an influx of buyers always follows.

She says out-of-town shoppers with children will be swayed by an area’s school district, local taxes and overall livability, while empty nests and new college graduates are on the hunt for neighborhoods with more social activities.

Ultimately, the home has to be the right fit for a buyer – and the frenzy of overlooking shortcomings isn’t as prevalent in Pittsburgh as it is in upstate New York, for example.

Bowmore Diamond Kitchen 2

Explore the houses of Foucault

Anyone who is currently building or renovating a home is aware of the supply chain shortages caused by the COVID-19 pandemic. In the midst of that, builders capable of keeping the train moving are practically worthy of a prize.

One of these companies is Eddy houses, which won the Best Homebuilder award in Pittsburgh Magazine’s’ Best of ‘Burgh’ readers survey in 2021. Founded in 1971 by Edward Moritz, the company specializes in bespoke, luxury and luxury homes. with patio north and south of Pittsburgh. It’s pretty cool to land on its website and browse through photos of the various communities, homes, and floor plans under development.

“Our design collections were created to simplify and streamline the building process for anyone looking for new build in a shorter timeframe with turnkey and effortless design,” says Ashley Fullerton, Director of Sales and Marketing. designed by Eddy Homes.

Great Dalmore Hall

Over the years, lifestyles have changed, including the evolution of home offices, which became especially essential as people worked from home during the pandemic. Fullerton says Eddy offers flexible floor plans and several home office setups that have proven to be winning choices with buyers. Also popular are the expanded living options in the finished lower levels, which offer spaces for entertainment and games.

In Pine, Eddy’s Brookfield Estates offers artisan-style patio homes with prices starting at $ 463,000. Located just down the road from the Village of Pine Mall, the location is spectacular. In Marshall, Allman Acres has custom homes with prices starting at $ 740,000. In addition to over 3,000 square feet of living space, home buyers can expect window walls, large fireplaces, and exciting upgrades such as herringbone wood ceilings and bedrooms and bathrooms. main baths worthy of a spa.

Petersburg

Single family homes with living space of 1,790 square feet and beyond are available at the Wexford station in Pine. Pricing starts at $ 540,000 for these artisan style family homes. Heading south, the Justabout Farms community in Peters is booming for many builders, and Eddy Homes is no exception. The developer is now selling homes in its second phase of construction; at the time of publication, only 17 dwellings are still available compared to its initial first phase of 48 dwellings.

Peters Township School District, which ranks among the best in Pennsylvania in terms of academic achievement, is certainly a draw for these buyers, as is the developer’s wide array of floor plan options. If you are looking for something a little smaller in the same school district, Sherwood Pond is a good option. Further afield, Cherry Valley Estates, located in McDonald’s, has a beautiful pond and has a little more of that rural lifestyle feel.

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