The Pittsburgh Real Estate Market: A 20-Year Overview

 

The Pittsburgh Real Estate Market: A 20-Year Overview

The Pittsburgh real estate market has been growing steadily over the past 20 years, and shows no signs of slowing down. This thriving market has seen significant increases in home values and sales, making it a prime destination for both buyers and investors alike. In this blog, we will take a closer look at the data and trends that have shaped the Pittsburgh real estate market over the last 20 years.

In the early 2000s, the Pittsburgh real estate market experienced a period of growth and stability, with rising home values and increasing sales. This trend continued through the mid-2000s, with the market remaining strong even in the face of the national housing market crash of 2008. By the early 2010s, the Pittsburgh real estate market had fully recovered, and home values began to rise once again.

Over the last five years, the Pittsburgh real estate market has continued to grow, with home values increasing by more than 63% [1]. In December 2022, Pittsburgh home prices were up 2.3% compared to the previous year, selling for a median price of $225,000 [3]. On average, homes in Pittsburgh sell after 63 days on the market [3]. The market remains one of the strongest real estate markets in the country, with population and employment growth being among the top factors that contribute to its success [2].

What makes Pittsburgh such a desirable destination for real estate buyers and investors? For starters, the city is home to a thriving economy, with a strong job market and a highly educated workforce. Additionally, Pittsburgh has a rich cultural heritage and a strong sense of community, making it a great place to live, work, and raise a family.

In conclusion, the Pittsburgh real estate market has been growing steadily over the last 20 years and shows no signs of slowing down. With rising home values, increasing sales, and a thriving economy, Pittsburgh is an excellent destination for both buyers and investors. If you are looking to buy or invest in real estate, the Pittsburgh market is worth considering.

Pierre Khoury, 

@PierreandGia

Helping friends buy and sell homes since 2005

Pierre Khoury & Gia Albanowski Real Estate Team

Chairman Circle Diamond Realtor

Berkshire Hathaway HomeServices, The Preferred Realty 

724-612-0789

web: www.PierreandGia.com

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