East End, Pittsburgh PA - Real Estate Market Update, March 2018
Usually around this time of year is when we start saying "the Residential Real Estate Market in Pittsburgh is Heating Up!" but that was the truth about 10 years ago... the reality of the market now is the Real Estate Market in Pittsburgh is BOILING HOT in 2018! For the last two years Pittsburgh Realtors have been experiencing a drought in listing inventory, meaning there are more buyers than there are homes for sale. Pittsburgh has been in a VERY strong Seller's Market for several years and it does not appear that will change in 2018 and Pittsburgh's East End is still proving to be the #1 most desirable location to purchase a home. Here's some data to back that up:
Usually around this time of year is when we start saying "the Residential Real Estate Market in Pittsburgh is Heating Up!" but that was the truth about 10 years ago... the reality of the market now is the Real Estate Market in Pittsburgh is BOILING HOT in 2018! For the last two years Pittsburgh Realtors have been experiencing a drought in listing inventory, meaning there are more buyers than there are homes for sale. Pittsburgh has been in a VERY strong Seller's Market for several years and it does not appear that will change in 2018 and Pittsburgh's East End is still proving to be the #1 most desirable location to purchase a home. Here's some data to back that up:
Picture of the most expensive home to be sold in Pittsburgh's East End between March 2017 and March 2018. Courtesy of the WPMLS. As of right now there have been 1474 closed deals in Pittsburgh's East End since this date in 2017. That's 51 more closed transactions than 2017's 1423 closed deals.
The average Days-On-Market (DOM) for a single family home in Pittsburgh's East End currently is 68 days. This is a decrease in DOM of the 2017 average by 2 days. A balanced market will usually be around 90 Days-On-Market. This change indicates a slight shift towards a stronger Seller's Market than we have already seen.
The average sale price in Pittsburgh's East End as of March 2018 is $290,373. This is an increase from 2017's average sale price by $7,707 or 2.7% which is below the Historical National Average increase in sale price of a little over 4%. This indicates the possibility of a market slow down this year however we have not seen the Spring Market really "pop" yet.
A total of $428,009,989 in Single Family Home volume has been closed in the last 12 months in Pittsburgh's East End.
The average Days-On-Market (DOM) for a single family home in Pittsburgh's East End currently is 68 days. This is a decrease in DOM of the 2017 average by 2 days. A balanced market will usually be around 90 Days-On-Market. This change indicates a slight shift towards a stronger Seller's Market than we have already seen.
The average sale price in Pittsburgh's East End as of March 2018 is $290,373. This is an increase from 2017's average sale price by $7,707 or 2.7% which is below the Historical National Average increase in sale price of a little over 4%. This indicates the possibility of a market slow down this year however we have not seen the Spring Market really "pop" yet.
A total of $428,009,989 in Single Family Home volume has been closed in the last 12 months in Pittsburgh's East End.
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The award for HOTTEST Pittsburgh Neighborhood in 2017 goes to.... Bloomfield! Yes that's right, I didn't say Lawrenceville. All eyes have been on Bloomfield lately due to the constricting market that Lawrenceville has seen in recent years. Lawrenceville has been booming because of it's walkability, proximity to downtown Pittsburgh and its proximity to UPMC Childrens Hospital. However, as many home-buyers become priced out of the Lawrenceville housing market, many investors and buyers have started looking for the next best thing... Bloomfield. Bloomfield is a similar type of neighborhood with many of the same attributes that Lawrenceville provides. Here's how Bloomfield has fared since March of 2017:
The big change here is Bloomfield's Average Sale Price which increased by over $58,000! It's up 36.20% over last year's average price of $162,685. Bloomfield has seen an increase in time to sell a home (or Days On Market) however it's still displaying signs of a HOT Seller's Market.
Stanton Heights and Highland Park come in close at the #2 and #3 spots.
Stanton Heights' average sale price increase by $35,384 over 2017's average or an increase of 27.31%. The average Day On Market in Stanton Heights right now is only 41! This means that Stanton Heights is in the middle of a SERIOUS Seller's Market and we are likely to see a further increase in sale price this year and a low inventory of homes for sale.
Highland Park saw an increase in average sale price by over $70,000 since this date in 2017! That's an increase by 24.02%. The average Days On Market in Highland Park is a little over 60 which means that it's still in a strong Seller's Market too. It looks like inventory will continue to be low which should push demand and prices even higher this year.
The big change here is Bloomfield's Average Sale Price which increased by over $58,000! It's up 36.20% over last year's average price of $162,685. Bloomfield has seen an increase in time to sell a home (or Days On Market) however it's still displaying signs of a HOT Seller's Market.
Stanton Heights and Highland Park come in close at the #2 and #3 spots.
Stanton Heights' average sale price increase by $35,384 over 2017's average or an increase of 27.31%. The average Day On Market in Stanton Heights right now is only 41! This means that Stanton Heights is in the middle of a SERIOUS Seller's Market and we are likely to see a further increase in sale price this year and a low inventory of homes for sale.
Highland Park saw an increase in average sale price by over $70,000 since this date in 2017! That's an increase by 24.02%. The average Days On Market in Highland Park is a little over 60 which means that it's still in a strong Seller's Market too. It looks like inventory will continue to be low which should push demand and prices even higher this year.
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The East End's worst performing neighborhoods were Lincoln-Larimer, Homewood-Brushton and Hazelwood.
Lincoln-Larimer's average sale price dropped by 44.78% to $29,960 as developers and investors seemed to switch their focus away from this neighborhood. At such a low entry-level, this would be a great area to start investing or buy a fixer-upper.
Homewood-Brushton had a boos in 2017 but dropped dramatically as well. The average sale price as of March 2018 is down $13,049 or 35.59%. With the addition of a Family Dollar and the continued demolition of vacant and nuisance buildings I could see this neighborhood coming around in the near future. With an average sale price of only a little above $23,000 the barrier to entry on this neighborhood is very low as well.
Last but not least, Hazelwood saw a drop in average sale price from $56,586 to $51,795 or a drop of 8.47%. Many investors have been watching this neighborhood in the hopes of redevelopment of the Brownfield there however the location of the supposed redevelopment may be too separated from the rest of the community to make the large, immediate impact that many are hoping for. Only time will tell!
Lincoln-Larimer's average sale price dropped by 44.78% to $29,960 as developers and investors seemed to switch their focus away from this neighborhood. At such a low entry-level, this would be a great area to start investing or buy a fixer-upper.
Homewood-Brushton had a boos in 2017 but dropped dramatically as well. The average sale price as of March 2018 is down $13,049 or 35.59%. With the addition of a Family Dollar and the continued demolition of vacant and nuisance buildings I could see this neighborhood coming around in the near future. With an average sale price of only a little above $23,000 the barrier to entry on this neighborhood is very low as well.
Last but not least, Hazelwood saw a drop in average sale price from $56,586 to $51,795 or a drop of 8.47%. Many investors have been watching this neighborhood in the hopes of redevelopment of the Brownfield there however the location of the supposed redevelopment may be too separated from the rest of the community to make the large, immediate impact that many are hoping for. Only time will tell!
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Honorable mentions go to Wilkinsburg and Squirrel Hill.
Although Wilkinsburg is not technically located within Pittsburgh City limits an important thing happened in the last year or so... Wilkinsburg's School District is now being transported in to the City. History has shown, using Mount Oliver as an example, that when this happens, there is a good chance that the School Millage Rate will end up dropping to match the City's School Tax Rates. This would create a huge drop in Real Estate Tax Liability for investors in Wilkinsburg... therefore resulting in more profits... therefore resulting in higher sale prices. Wilkinsburg is a neighborhood to watch. The average sale price in Wilkinsburgh has increased by a whopping 30.62% since March of 2017!
Believe it or not, while many other East End of Pittsburgh Neighborhoods were having a great year, Squirrel Hill was dropping in average sale price. Since March of 2017 the average sale price in Squirrel Hill has dropped by $30,034 or 7.06%. The average Days On Market however have dropped too. This indicates a possible market correction and we may see an increase in value again in 2018.
Although Wilkinsburg is not technically located within Pittsburgh City limits an important thing happened in the last year or so... Wilkinsburg's School District is now being transported in to the City. History has shown, using Mount Oliver as an example, that when this happens, there is a good chance that the School Millage Rate will end up dropping to match the City's School Tax Rates. This would create a huge drop in Real Estate Tax Liability for investors in Wilkinsburg... therefore resulting in more profits... therefore resulting in higher sale prices. Wilkinsburg is a neighborhood to watch. The average sale price in Wilkinsburgh has increased by a whopping 30.62% since March of 2017!
Believe it or not, while many other East End of Pittsburgh Neighborhoods were having a great year, Squirrel Hill was dropping in average sale price. Since March of 2017 the average sale price in Squirrel Hill has dropped by $30,034 or 7.06%. The average Days On Market however have dropped too. This indicates a possible market correction and we may see an increase in value again in 2018.
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Here's how the other East End Pittsburgh Neighborhoods fared from 03/2017 - 03/2018:
Lawrenceville: Average Sale Price increased to $271,710, up 18.10%
Shadyside: Average Sale Price increased to $424,826, up 11.29%
Friendship Park: Average Sale Price increased to $367,728, up 9.24%
Garfield: Average Sale Price decreased to $111,823, down 1.36%
Morningside: Average Sale Price increased to $203,100, up 6.62%
East Liberty: Average Sale Price decrease to $216,822, down 1.96%
Point Breeze: Average Sale Price decreased to $380,586, down 4.24%
Regent Square: Average Sale Price increased to $253,045, up 2.19%
Greenfield: Average Sale Price increased to $166,714, up 6.70%
Lawrenceville: Average Sale Price increased to $271,710, up 18.10%
Shadyside: Average Sale Price increased to $424,826, up 11.29%
Friendship Park: Average Sale Price increased to $367,728, up 9.24%
Garfield: Average Sale Price decreased to $111,823, down 1.36%
Morningside: Average Sale Price increased to $203,100, up 6.62%
East Liberty: Average Sale Price decrease to $216,822, down 1.96%
Point Breeze: Average Sale Price decreased to $380,586, down 4.24%
Regent Square: Average Sale Price increased to $253,045, up 2.19%
Greenfield: Average Sale Price increased to $166,714, up 6.70%
*All data compiled on 3/19/2018 from the WPMLS
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