City of Pittsburgh Real Estate Market Update Quarter 1 of 2022 - It is a pleasure to write to you again. I hope that you had an enjoyable Winter season and would like to welcome you to the Spring Real Estate Market in Pittsburgh! Below is a quick update on current market conditions as compared to last year.
Pittsburgh Sales Stats 2021:
Note that the Average Sale Price in the city this First Quarter has decreased by 5.40% while Average Days on Market (DOM) has increased by 13 days. What does this indicate?
The Average DOM increase indicates that we are moving from a strong Seller’s Market toward a more Balanced Market. Do not be fooled by the talk you may be hearing right now about Pittsburgh being in a strong Seller’s Market. For the Metro area, including the suburbs, this is true but the conditions fluctuate drastically sometimes based on which neighborhood we are talking about. In 2021 we saw inflation hit at least 7% and have seen home values decrease in the City by 5.40% within the first quarter of 2022. (Keep in mind that this data is pulled from only a small number of sales (740) in the first Quarter while the data for 2021 as a whole considers 3700 transactions). Pittsburgh is on track to see only around 3000 transactions this year which would be a significant decrease in sales volume.
Are you considering buying, selling or investing? There may be no better time than now. For a FREE, no-obligation consultation, call or text my team today at 412-912-1128 or visit https://www.thedustinnulfteam.com/contact-us
Pittsburgh Sales Stats 2021:
- Average Sale Price: $290,328
- Average Days on Market: 50
- Average List-to-Sale Price: 98.71%
- Average Sale Price: $274,647
- Average Days on Market: 63
- Average List-to-Sale Price: 97.45%
Note that the Average Sale Price in the city this First Quarter has decreased by 5.40% while Average Days on Market (DOM) has increased by 13 days. What does this indicate?
The Average DOM increase indicates that we are moving from a strong Seller’s Market toward a more Balanced Market. Do not be fooled by the talk you may be hearing right now about Pittsburgh being in a strong Seller’s Market. For the Metro area, including the suburbs, this is true but the conditions fluctuate drastically sometimes based on which neighborhood we are talking about. In 2021 we saw inflation hit at least 7% and have seen home values decrease in the City by 5.40% within the first quarter of 2022. (Keep in mind that this data is pulled from only a small number of sales (740) in the first Quarter while the data for 2021 as a whole considers 3700 transactions). Pittsburgh is on track to see only around 3000 transactions this year which would be a significant decrease in sales volume.
Are you considering buying, selling or investing? There may be no better time than now. For a FREE, no-obligation consultation, call or text my team today at 412-912-1128 or visit https://www.thedustinnulfteam.com/contact-us
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