Why Pittsburgh is Currently a Seller’s Market for Real Estate
According to data from last year’s sales, homes in Pittsburgh are becoming more valuable.
Trying to sell a home in Pittsburgh during the winter may seem like a questionable decision. According to new real estate data, however, it may be wiser than many suspect.
According to a new report from West Penn Multi-List, Pittsburgh is currently in the middle of a seller’s market for real estate. The number of listings has dropped and when demand exceeds supply, prices increase. In 2019, the average sale price topped $200,000 for the first time.
Tom Hosack, president of West Penn Multi-List, says the lower housing inventory can be tied to mortgage rates.
“Mortgage rates have been low for most of last year, and they just recently hit their lowest level since October,” Hosack said in a press release. “This could cause further tightening of inventory since many homeowners already refinanced their mortgage or bought when rates were low, so they don’t intend to sell.”
The West Penn Multi-List covers 17 counties: Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland.