The West Penn Multi-List data confirmed that real estate market in Pittsburgh is booming. The data is gathered from 17 counties located in the southwestern part of Pennsylvania. Home buyers bought about 7,800 homes or $1.4 billion value of property in 2017. The figures come to a 10 percent increase over the previous year. The median price of a home has increased almost nine percent to move in the region of $184,000.
West Penn Multi-List stated the present condition to be a seller's market. The company said that it is an excellent time to sell residential property. Interest rates are low. Listings see multiple offers. Economically priced properties exist in the state. People can buy residential properties under $100,000. This is not possible in other cities. Demand is much more than supply. Listings of homes are down by almost eight percent.
For the real estate market, summer makes a good time as buyers forget the cold weather and become more open to buying residential properties. Property brokers lamented that March was not great as it is normally. The weather was not great. This led to a little slow down of the market. It went up again in both April and May.
Better quality of life at a cheaper cost
The home market in the region is doing excellent due to a number of reasons. A reduced cost of living is one of the major reasons. Residents enjoy excellent upward mobility. Homeowners could move from moderately priced dwellings to a higher priced home easily. Residents of Pittsburgh tend to stay in the area for an extended period of time. The place is linked to national trends like the tendency to own homes rather than rent. The incidence of low-interest rates and a more or less steady market from 2010 has only helped matters. It is not surprising that lower-priced homes sell better compared to expensive properties. All localities in the city are selling well.
Sales are a little slower in the outer regions, like Allegheny County. This is due to the absence of neighborhoods. The population is also low in those parts. Analysts believe that the sales are mostly driven by first-time buyers who are millennials.
Pittsburgh has ranked consistently among top 10 in America for the percentage of millennials owning homes, as per the United States Census data. About 37 percent live in their own home. This region ranks ninth in the US for first-time buyers.