While it’s been a busy summer for The Jim Dolanch Real Estate Team, my last Real Estate Update showed that it wasn’t quite as busy for the greater Pittsburgh area real estate market as a whole. No need to worry though! By the end of the July 2015 and into this month of August there have been some steady increases both in the Pittsburgh Real Estate Market and in the National Real Estate Market as well! First let’s see how the National Real Estate Market is doing, then we can look at the greater Pittsburgh Real Estate Market and even see how some of the specific areas we service are doing!
National Real Estate Statistics:
- National Median list price increased by 7% year-over-year to $234,000 according to com.
- Listing inventory increased 1%.
- Median days on market decreased by 5% year-over-year to 71.
Pittsburgh Real Estate Statistics:
- Average home price of $233,103 is higher to that of PA ($179,862) and the US ($203,792)
- New listings (12%) are 2 percent higher than PA and 3 percent higher than the US.
- Average rental price is $1,716, of which 31% are pet-friendly
- The highest number of rentals are two-bedrooms (50) that are $1,457 in Pittsburgh, $1,203 in Allegheny County and $1,259 in PA according to realtor.com
South Hills Real Estate Statistics:
|Average Sold Price||% New Listings||Average Mortgage Rates||Average Rental Price|
Another positive/extremely important trend to point out in a number of these towns that are listed above, like Cecil for example, is that the mortgage rates continue to be lower than an average rental price. For Cecil, the typical mortgage for an average listing price of $254,300 is $1,460/month while an average rental price in this area is $1,580/month. With rental prices continuing to increase, combined with these great real estate statistics makes now a great time to buy! Feel free to visit our featured listings to find a home in one of the areas listed above and a number of other great areas throughout Pittsburgh!
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Until Next Time,