Over the last 10 years, Pittsburgh has emerged as one of the most attractive real estate markets in the United States. Despite the COVID-19 pandemic that upended the national economy, killed nearly 500,000 people and left countless others without a job, the housing market in Pittsburgh is only increasing in appeal.
Some statistics are listed below, followed by an in-depth look at the state of real estate in the city in 2021:
- The area with the highest median list price of $549,000 is Point Breeze, whereas the neighborhood of Sheraden has the most inexpensive homes with a median list price of $117,500.
- The latest report from realtor.com states that there are 2,655 homes available for sale, ranging from $6,000 to $6,900,000.
- com also shows that the median list price for the city is $220,000, and this number has grown 10.6% year-to-year.
- On average, homes in Pittsburgh sell after 78 days on the market.
- The median sold home price stands at $235,000
- The sale-to-list price remains 99.22%, which shows that houses in Pittsburgh are being sold very close to the asking price.
- Pittsburgh is on the list of top 35 U.S. cities for renters.
- According to research conducted by RENTCafe, average rent in the city is $1,241.
When it comes to real estate, the city continues to be a buyer’s market, and will likely remain so for the remainder of the year. Additionally, the city offers high rental market activity, great quality of life and affordability. All of these are factors that real estate investors like to keep an eye on when deciding where to invest.
The most important news for rental real estate investors, however, is that more than 50% of the city’s residents are opting to rent instead of owning their own property.
Currently, Pittsburgh is in the unique situation of having desirable properties available in plentiful supply at affordable price points. All signs point towards more growth and increasing investor attention.
For investing in Pittsburgh’s real estate market, there’s no time like the present.
About Global Capital Partners Fund
GCP Fund is an asset-based lender headquartered in New York. With an experienced team of professionals, they help business owners and homeowners make their financial goals a reality. Contact them today for bridge financing and hard money loans in Pittsburgh PA and start investing in the city’s real estate market.