Pittsburgh Housing Market: September 2024 Analysis
The Pittsburgh, PA metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $235,000, marking a 6.0% decline year-over-year. In contrast, the Median List Price has risen by 2.1% to $239,900, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics show an upward trend, with the median Price Per Square Foot increasing by 3.1% to $164.39, and the Median List Price per square foot rising significantly by 9.3% to $171.22. This suggests that while overall sales prices have decreased, the value attributed to the space itself has appreciated.
Sales activity has seen a notable decline, with the number of Homes Sold dropping by 14.3% to 1,775 units. However, Pending Sales have remained relatively stable, showing a slight increase of 0.9% to 2,215 units. New Listings have increased by 3.1% to 2,446, contributing to a 2.3% rise in inventory, which now stands at 6,719 homes.
The Months of Supply have surged by 60.0% to 3.80 months, indicating a shift towards a more balanced market, potentially favoring buyers. The Median Days on Market have increased by 4.0% to 53 days, suggesting that homes are taking longer to sell compared to the previous year.
The average sale to list ratio has slightly decreased by 0.4% to 97.6%, while the percentage of Homes Sold above list price has dropped by 7.0% to 26.6%. This reflects a cooling in competitive bidding scenarios. Additionally, Price Drops have increased by 3.8% to 29.2%, further highlighting adjustments in seller pricing strategies.
The percentage of homes going off the market within two weeks has decreased by 7.9% to 42.1%, indicating a slower pace in the market. Overall, the Pittsburgh housing market in September 2024 is characterized by a decline in sales prices and volume, alongside an increase in inventory and list prices, suggesting a shift towards a more balanced market environment.
