The Pittsburgh, PA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 2.6% year-over-year, reaching $230,750. This indicates a modest appreciation in home values, suggesting a stable demand for housing in the region.

Conversely, the Median List Price has decreased by 1.2% year-over-year, now standing at $239,000. This decline in list prices may reflect sellers' adjustments to align with market conditions, potentially influenced by the decrease in the number of Homes Sold, which is down by 3.4% compared to the previous year.

The median Price Per Square Foot has seen a significant rise of 7.3% year-over-year, reaching $163.08. This increase suggests that while overall list prices have decreased, the value of space within homes has appreciated, indicating a demand for quality over quantity. Similarly, the Median List Price per square foot has increased by 6.1%, now at $171.78, further supporting this trend.

Pending Sales have experienced a notable decline of 10.7% year-over-year, with 1,952 transactions currently in progress. This decrease in Pending Sales, coupled with a 15.5% drop in New Listings, suggests a cooling in market activity, potentially due to economic factors or seasonal trends.

Inventory levels have decreased by 5.4% year-over-year, with 5,466 homes available on the market. The Months of Supply have also decreased by 10.0%, now at 4.0 months. These figures indicate a tightening market, where supply is not keeping pace with demand, potentially leading to increased competition among buyers.

The Median Days on Market have increased by 12.0% year-over-year, now averaging 85 days. This suggests that homes are taking longer to sell, which could be a result of the decreased number of New Listings and Pending Sales.

The average sale to list ratio has seen a slight increase of 0.3% year-over-year, now at 96.7%. This indicates that homes are selling closer to their list prices, reflecting a balanced negotiation environment between buyers and sellers. The sold above list ratio has also seen a marginal increase of 0.2%, now at 21.0%, suggesting that a portion of homes are still selling above their asking prices.

Price Drops have increased slightly by 0.3% year-over-year, now at 19.7%. This could indicate that sellers are becoming more flexible with pricing to attract buyers in a competitive market. Additionally, the percentage of homes going off market in two weeks has decreased by 4.1%, now at 40.4%, suggesting a slower pace of transactions.

Overall, the Pittsburgh housing market in February 2025 presents a mixed picture, with rising sales prices and Price Per Square Foot values, but declining sales activity and inventory levels. Buyers and sellers alike may need to adjust their strategies to navigate this evolving market landscape effectively.