Pittsburgh Real Estate Stats and Trends for 2023

0

PITTSBURGH- IIn this article, we will look at some of the housing market trends in Pennsylvania. Foreclosures in Pittsburgh have been delayed for two years, but government relief programs have ended and the number of struggling homeowners is likely to rise. If this continues, 2023 could be the year owners get scared.


Pittsburgh home values ​​have risen 30.7% since the start of the pandemic

As the housing market continues to climb, it’s no wonder Pittsburgh home prices haven’t fallen much from their pandemic highs. Median home values ​​have risen more than $56,000 since the start of the pandemic, and prices are likely to continue to rise even faster – nearly 30% higher – as a lack of inventory pushes prices up. house prices.


While the Pittsburgh real estate market has had its ups and downs over the past decade, it has mostly followed national trends. The current trendlines are moving higher but slower than their national counterparts. This is largely due to rising unemployment and foreclosure rates, which have weighed on the local housing market. At the same time, an increasing number of tenants increases rental demand. As a result, many Pittsburgh real estate investors are turning to long-term exit strategies.

Pittsburgh is one of the most affordable places in the United States to buy a home. According to the Pittsburgh Regional Quality of Life Survey, 68% of Allegheny County residents rated the overall quality of life as excellent or good. Pittsburgh’s low cost of living has made it an attractive location for families. Pittsburgh’s economy is slowly recovering. The fastest growing sectors in the region are manufacturing, information and professional services.


Demand exceeds supply in Pittsburgh housing market

In Pittsburgh, demand exceeds supply, which means prices will continue to rise. There are currently 6,352 active listings on the market. Typically, the housing market should have six months of inventory. As a result, sellers will be able to negotiate better prices than their competitors.

The Pittsburgh housing market is expected to grow at a moderate pace compared to other markets. The median home price is $237,934, which is below the national average. As a result, Pittsburgh’s median home value is lower than the national average, making it more affordable for buyers. Many redeveloped areas of the city offer two-bedroom homes for less than $100,000.


The housing market in Pittsburgh is expected to continue to rise through 2023. Home prices in Pittsburgh are expected to rise 8.3% over the next 12 months. Investors have had great success in the Pittsburgh housing market over the past decade, generating attractive returns for rehab properties. However, the housing market is changing and rising prices are reducing profit margins for many properties.

Although the Pittsburgh housing market is landlord-friendly, there are still some rules that landlords must follow. One rule concerns security deposits. Some landlords may require tenants to pay rent on the security deposit. Other rules include no late fees and a written rental agreement is not required. Also, landlords do not need a rental license, although this is highly recommended.

Share.

About Author

Comments are closed.