Pittsburgh, PA Metro Area Housing Market Analysis - July 2024
The Pittsburgh, PA metro area housing market in July 2024 presents a nuanced picture with varying trends across key metrics. The median sales price for homes stands at $250,000, reflecting a slight decrease of 0.4% year-over-year (YoY). Conversely, the median list price has seen a modest increase of 0.4% YoY, now at $249,899.
Price per square foot metrics indicate a stronger upward trend. The median price per square foot has risen by 3.8% YoY to $173.55, while the median list price per square foot has increased by 4.8% YoY to $170.17. These figures suggest a growing valuation of property on a per-square-foot basis, despite the overall slight decline in median sales price.
Sales activity has shown positive momentum, with the number of homes sold reaching 2,291, marking a significant 7.5% increase YoY. However, pending sales have decreased by 6.1% YoY, totaling 2,368. New listings have also seen a notable rise, up by 7.6% YoY to 2,705, indicating a more active market in terms of new inventory.
The total inventory of homes available has grown slightly by 1.2% YoY, now at 6,474 units. Despite this increase, the months of supply has dropped significantly by 20.0% YoY to 2.8 months, suggesting a tighter market with faster turnover of available homes.
The median days on market for homes in the Pittsburgh metro area is 47 days, a minor decrease of 1.0% YoY, indicating that homes are selling slightly faster than they were a year ago. The average sale to list ratio has seen a small decline of 0.3% YoY, now at 98.5%, while the percentage of homes sold above list price has decreased by 2.5% YoY to 35.2%.
Price drops have become more common, with 29.7% of listings experiencing a price reduction, up by 7.4% YoY. Additionally, the percentage of homes going off market within two weeks has decreased by 4.1% YoY to 50.3%, indicating a slight slowdown in the speed at which homes are being taken off the market.
Overall, the Pittsburgh, PA metro area housing market in July 2024 shows a mix of increasing property valuations on a per-square-foot basis, higher sales activity, and a tighter inventory, despite some indicators of a cooling market such as increased price drops and a decrease in pending sales.
