Pittsburgh Housing Market: A Detailed Analysis for November 2024
The Pittsburgh, PA metro area housing market in November 2024 presents a complex scenario with varied trends in pricing. The Median Sales Price stands at $228,000, reflecting a decrease of 3.0% year-over-year (YoY). Meanwhile, the Median List Price remains relatively stable at $229,900, showing no significant change from the previous year. This stability in list prices contrasts with the decline in sales prices, indicating potential buyer leverage in negotiations.
Price Per Square Foot Trends
Despite the decline in overall sales prices, the median Price Per Square Foot has increased by 7.8% YoY, reaching $165.06. Similarly, the Median List Price per square foot has risen by 5.4% YoY to $165.47. These increases suggest a demand for smaller, more affordable homes or a shift in buyer preferences towards properties offering better value per square foot.
Sales and Inventory Dynamics
The number of Homes Sold in November 2024 is 1,723, marking a 3.4% decrease YoY. However, Pending Sales have increased by 5.6% YoY, totaling 1,979, indicating a potential uptick in future sales activity. New Listings have decreased by 7.5% YoY to 1,739, while inventory has grown by 3.4% YoY to 6,620 homes. This increase in inventory, coupled with a 20.0% rise in Months of Supply to 3.80, suggests a shift towards a more balanced market, potentially easing the competitive pressure on buyers.
Market Speed and Seller Dynamics
The Median Days on Market have increased by 4.0% YoY to 54 days, indicating a slower pace in the market. The average sale to list ratio has slightly decreased by 0.2% YoY to 96.9%, suggesting that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 5.2% YoY to 22.8%, further highlighting the reduced competitive bidding environment.
Price Adjustments and Market Activity
Price Drops have increased by 1.4% YoY, affecting 25.0% of listings, which may reflect sellers' adjustments to align with market expectations. Additionally, the percentage of homes going off the market within two weeks has decreased by 6.6% YoY to 34.3%, indicating a slower turnover rate and potentially more negotiation time for buyers.
Conclusion
The Pittsburgh housing market in November 2024 exhibits a mix of declining sales prices and increasing Price Per Square Foot, alongside a growing inventory and slower market pace. These trends suggest a shift towards a more balanced market, offering opportunities for both buyers and sellers to navigate the evolving landscape. As the market continues to adjust, stakeholders should remain vigilant to capitalize on emerging opportunities and challenges.
