Residential Real Estate Shows Growth
The real estate market in Western Pa. has improved compared to last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report. New contracts and home listings are up, as well as sales volume and the average price of homes.
“The Pittsburgh region continues to evolve and boasts world-class universities, hospitals and technology firms,” said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. “With that comes plentiful career opportunities and revitalized city neighborhoods offering modern, urban housing options.”
When comparing January-May 2019 with the same time period in 2018:
- Closed sales are up 4.32 percent (11,053 units in 2019 versus 10,595 in 2018);
- Closed sales volume is up 5.76 percent ($2,088,276,449 in 2019 versus $1,974,484,200 in 2018);
- Average sale price is up 1.38 percent ($188,933 in 2019 versus $186,360 in 2018); and
- Home listings are up 1.77 percent (17,117 units in 2019 versus 16,819 in 2018).
“Pittsburgh’s cultural and foodie scenes rival some of the biggest cities in the country, so we have a lot to offer, but the big difference is price point,” said Hackett. “Pittsburgh remains affordable, accessible and highly livable, so it’s attracting young professionals from near and far.”