Residential Real Estate Remains Strong in Western Pa.

News provided by

West Penn Multi-List, Inc.

Nov 27, 2019, 07:00 ET

PITTSBURGH, Nov. 27, 2019 /PRNewswire/ -- The residential real estate market is strong with home sales and prices up from last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report.

"Even with home prices on the rise from last year, Pittsburgh home prices still remain below the national average," said Tom Hosack, current president of West Penn Multi-List, Inc., and president and CEO of Berkshire Hathaway HomeServices The Preferred Realty. "Because of this affordability, there is an increasing demand for homes. With fewer listings however, we are seeing a more competitive market."

When comparing January-October 2019 with the same time period in 2018:

  • Closed sales are up 2.97 percent (25,555 units in 2019 versus 24,818 in 2018);
  • Closed sales volume is up 7.55 percent ($5,100,854,665 in 2019 versus $4,742,694,982 in 2018);
  • Average sales price is up 4.45 percent ($199,603 in 2019 versus $191,099 in 2018); and
  • Home listings are down 10.91 percent (32,078 units in 2019 versus 36,006 in 2018).

"It is still a great time to buy a house, and there are programs the state offers to help guide first-time home buyers through the process," said Hosack. "In addition, some lenders are now offering down payment grants to qualified buyers, so there are opportunities to get financial and educational assistance."

Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.

CONTACT: Maegen Laney Noble
[email protected]
904.451.2644

Jennifer Faines
[email protected]
412.559.2860

SOURCE West Penn Multi-List, Inc.

Related Links

http://www.westpennmls.com

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