Heading into 2019, many real estate publications and experts are predicting a year of uncertainty. It’s not a prediction that sounds great for buyers or sellers. However, that uncertainty gets a good deal of clarity when you focus in on the Pittsburgh area market. While the housing market as a whole is is starting to cool off, Pittsburgh remains ahead of the pack, which is great news for both buyers and sellers in the area! Check out some of the highlights on Pittsburgh’s market from the Urban Land Institute's (ULI) Emerging Trends in Real Estate 2019 report and other predictions for the new year.
Homeownership is an attainable goal
According to Harvard’s annual State of the Nation’s Housing report, Pittsburgh is a city where homeownership isn’t just a fantasy. In Los Angeles, which is in the midst of a growing affordable housing crisis, only 48% of the population own homes. Yet in Pittsburgh, the rate of homeownership is 70%.
Even more importantly, families in the lowest income group in Pittsburgh can afford about 26% of homes in the area. By comparison, families earning the median household income in LA can afford only about 11% of homes in the area. While many of the largest US cities are facing a similar disconnect between the price of housing and median household incomes, Pittsburgh remains a city where homeownership is a possibility for families of all income levels.
What this means for Buyers:
With housing priced affordably for a range of income levels, buying a home in Pittsburgh is a more accessible goal than in other cities. Finding your dream home isn’t just a dream...it can be the reality!
What this means for Sellers:
With Pittsburgh ranking as an affordable city to live and buy in, homeownership is set to increase. This means demand for your home is sure to be high!
Pittsburgh is in ULI’s top 50
Pittsburgh ranked 39th overall and 7th in the Northeast Sector in ULI’s investor outlook. While these scores looked at the real estate market as a whole, housing was Pittsburgh’s strongest market. The report stated: “Pittsburgh [and similar markets] continue to look for ways to expand development in the city center, but also see suburban development enjoying success.” Pittsburgh’s suburban success is essential to the continued growth and strength of the area’s housing market.
Looking at the market overall, ULI ranked Pittsburgh based on a variety of factors, including things like:
What this means for Buyers:
Looking beyond affordability, the Pittsburgh market is a strong area to buy and settle in. Things like steady job growth and low cost of living mean buying in the area is a smart choice in the long run. And knowing that the market is strong, property value is steady, and housing is affordable works in your favor as well!
What this means for Sellers:
Steady demand and low property value fluctuation means you can expect a lot of interest and a healthy profit...what more could you ask for?
Bottom Line
Pittsburgh’s housing market continues to thrive even as the national narrative is more uncertain. Buyers and sellers can continue to expect what we’ve come to know and love about homeownership in the area: affordability, stability, and a healthy demand.
Of course, navigating any housing market is easiest when you work with the right people. Working with a Harvest Real Estate agent makes buying and selling a dream. Get in touch with us today and we'll match you with the perfect real estate agent for your unique needs!