Ahe roller coaster year of home buying is drawing to a close, buyers in Pittsburgh take a deep breath after experiencing what it is like to live in a bustling real estate market.
While the mid-year buying frenzy is over, it is not gone. Experts at Realtor.com have released their housing forecast for 2022, which predicts that although the market will slow from the spring 2021 frenzy, “prices will remain high, stocks will remain tight and mortgage rates will continue to rise.”
Mortgage rates should settle at a nice 3.6%. However, rents will continue to rise as inflation pushes tenants to buy, especially in the Pittsburgh market where house prices remain more affordable than in other parts of the country.
But, even if inflation hits everyday goods and takes a bigger bite out of our wallets, there is no need to worry; Unemployment continues to drop to nearly 4%, pay rates are rising, and companies are offering larger bonuses to incentivize employees to work there. That, combined with remote working, will see a group of buyers heading to the suburbs – and even rural areas – as 9 to 5 office work becomes a thing of the past.
In Pittsburgh, new home construction continues to remain strong, with local and national builders leading the way in everything from townhomes to the $250,000 range to houses with patio which welcome a multigenerational life to abundant luxury farmhouse style buildings in the $ 850,000 + category.
Of course, there are plenty of condos under construction within the city limits as well, including this year’s Pittsburgh Magazine Ultimate House at Lawrenceville Lofts. (Ppublic tours from January 14 to 23). Other lofts are under construction in the Strip District, with Fort Pittsburgh among the unprecedented mix in 2022.
Hot property favorites from 2021
You remember ? As we move into 2022, we take a look at some of our favorite homes listed for sale in 2021. Most of our favorite readers were homes full of charm, style, and a lot of owner equity.
At the top of that list was this Cape Cod in Penn Hills which went on sale in August. Owner Angela Hess, with the help of her father, drastically revamped the house’s clinker-brick exterior, turning him into a social media star who got readers talking.
Inside, the transformation was no less stunning – and made for a quick sale. Featuring a reconfigured interior space, as well as new finishes, bathrooms and kitchens, the house was under contract two days before our story was published.
Finally, we close this year with the big house in Pittsburgh that started this column in the first place; King’s domain at Highland Park is still on the market and waiting for the right buyer.
The 22-room Second Empire-style mansion was brought back to life by Dr Frank Brown and his wife, Maura, after purchasing the town’s rectory 26 years ago. Their museum-quality restoration is some of the best in the country, if not the world. Listed for $ 3.28 million, it almost looks like a steal when you compare it to the price tags of some of the new homes listed in the area.
Maybe in 2022 this big old house will finally find a new owner to love it as much as we do.
Drawing on her years of experience in the area’s real estate industry, Rosa Colucci offers Hot Property, an inside look at the unique and historic homes on the market. Each week, Hot Property walks behind the For Sale sign to share the story of a special Pittsburgh area home. And four times a year, Hot Property provides an in-depth look at the area’s real estate market in Pittsburgh HOME Magazine, tracking home prices and sales, and detailing where sought-after properties are located. Rosa can be contacted at [email protected]