Pittsburgh, PA Metro Area Housing Market Analysis - August 2024
The Pittsburgh, PA metro area housing market in August 2024 presents a nuanced picture with various indicators showing both stability and shifts. Here is a detailed analysis of the current trends.
Stable Median Sales Price
The Median Sales Price for homes in the Pittsburgh metro area stands at $250,000, showing no change from the previous year. This stability suggests that the market has reached a plateau in terms of pricing, providing a predictable environment for both buyers and sellers.
Decline in Median List Price
The Median List Price has decreased by 2.4% year-over-year, now at $239,000. This decline indicates that sellers may be adjusting their expectations to align more closely with market demand, potentially making it a more favorable time for buyers to enter the market.
Increase in Price Per Square Foot
The median Price Per Square Foot has risen by 6.5% year-over-year to $173.87. Similarly, the Median List Price per square foot has increased by 9.7% to $172.77. These increases suggest that while overall prices may be stable or declining, the value of space within homes is appreciating, reflecting a demand for more efficient use of living areas.
Decrease in Homes Sold and Pending Sales
The number of Homes Sold has decreased by 2.6% year-over-year, totaling 2,161 units. Pending Sales have also seen a significant drop of 8.3%, with 2,247 units currently under contract. These declines could indicate a cooling market or a seasonal adjustment, warranting close observation in the coming months.
Reduction in New Listings and Inventory
New Listings have decreased by 7.7% year-over-year, with 2,507 new properties entering the market. Inventory has also seen a slight reduction of 1.7%, now standing at 6,443 units. These reductions suggest a tightening market, which could lead to increased competition among buyers.
Months of Supply and Market Duration
The Months of Supply remain unchanged at 3.0 months, indicating a balanced market. The Median Days on Market have increased by 1.0% to 50 days, suggesting that homes are taking slightly longer to sell compared to last year.
Sale to List Ratio and Price Adjustments
The average sale to list ratio has decreased by 0.4% to 97.8%, indicating that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has dropped by 6.7% to 28.4%, further emphasizing the shift towards a buyer's market. Additionally, Price Drops have increased by 6.1%, now at 30.9%, suggesting that sellers are more willing to negotiate on price.
Off Market Trends
The percentage of homes going Off Market Within Two Weeks has decreased by 8.5%, now at 44.3%. This decline indicates that homes are staying on the market longer, giving buyers more time to make decisions.
In summary, the Pittsburgh, PA metro area housing market in August 2024 shows a mix of stability and shifts. While the Median Sales Price remains unchanged, other indicators such as the decline in Median List Price, reduction in Homes Sold, and increased Price Per Square Foot suggest a market in transition. Buyers and sellers should stay informed and consider these trends when making real estate decisions.
