Current Market
Buyers Market
Median Home Price
$187,750
Overview of Pittsburgh, PA
Discover a city steeped in history and rich in opportunity—welcome to real estate in Pittsburgh, PA! Once the backbone of America’s steel industry and now a burgeoning hub for tech and healthcare, Pittsburgh offers a blend of old-world charm and modern innovation. With a tight-knit community of 72,864 residents, living in Pittsburgh feels like you’re part of a welcoming, small-town family, but with big-city amenities.
Known as the “City of Bridges,” Pittsburgh proudly boasts an astonishing 446 bridges, a testament to its engineering prowess. Originally named Fort Duquesne, the city was renamed in honor of William Pitt, an influential 18th-century British Prime Minister.
Insights into Real Estate in Pittsburgh, PA
Current Market Dynamics
Elevate your understanding of real estate in Pittsburgh, PA, a city currently in a dynamic growth phase. As of May 2023, the median home price stands at an attractive $260,000, marking a subtle yet significant 1.3% year-over-year increase. It’s crucial to note that these figures aren’t uniform; real estate values in Pittsburgh can vary considerably depending on neighborhood locale and property type.
Diverse Property Options for Every Buyer
Pittsburgh’s property portfolio is as varied as it is promising. Single-family homes, the linchpin of Pittsburgh’s real estate, usually fall within the $200,000 to $300,000 price range. On the other hand, townhomes and apartments offer a more budget-friendly gateway into the Pittsburgh housing market—ideal for first-time buyers or those eyeing properties in bustling urban sectors.
Top Neighborhoods to Watch
The city’s vibrant neighborhoods each offer a unique blend of amenities, culture, and community spirit. Shadyside, Squirrel Hill, and Lawrenceville stand out as particularly desirable locales known for their lively culture, high-quality amenities, and robust community engagement.
Forecast: A Promising Future
The future landscape of real estate in Pittsburgh, PA, appears not just stable, but promising. Factors like sustained population growth—fuelled in part by the city’s burgeoning tech industry—along with infrastructural improvements, signal a likely increase in property values in the years ahead.
Emerging Hotspots
Keep an eye on up-and-coming areas such as East Liberty and the Strip District. Driven by fresh commercial and residential developments, these neighborhoods are fast becoming focal points of increased demand and potentially higher property values.
Buyers vs. Sellers: A Competitive Landscape
In the current sellers’ market, homes in Pittsburgh are moving quickly and often fetching prices at or above their listed value. For buyers, this underscores the need for swift and decisive action when a prime property becomes available. Sellers should focus on competitive pricing strategies, impeccable maintenance, and effective staging to maximize appeal and profitability.
Strategic Planning is Key
Your journey in the world of real estate in Pittsburgh, PA, whether as a buyer or a seller, demands a strategic approach. Being well-informed about the latest market trends and future projections can empower you to make sound investment decisions, optimizing your financial outcomes.
Standard of Living in Pittsburgh, PA
Understanding the standard of living is essential for anyone considering relocating or investing in real estate. In this report, we provide a detailed analysis of the standard of living in Pittsburgh, PA, comparing various expenses to the national average.
Housing Costs
National Average for a House
$421,872 Pittsburgh, PA: $260,000
National Average for Apartment Rent
$1,393 Pittsburgh, PA: $1,287
Housing is often the largest expense in any budget, and in Pittsburgh, it’s considerably more affordable. Whether you’re looking to buy or rent, the cost of housing in Pittsburgh is notably less than the national average—making it an attractive option for real estate investment or relocation.
Utilities
National Average for Monthly Energy Bill
$180.34 Pittsburgh, PA: $265.35
National Average for Monthly Phone Bill
$191.17 Pittsburgh, PA: $195.33
While housing may be more affordable, utility costs in Pittsburgh can be a little higher than the national average. Specifically, the monthly energy bill in Pittsburgh exceeds the national figure by a noticeable margin.
Grocery Expenses
| Item | National Average | Pittsburgh, PA |
|---|---|---|
| Bananas (Per Pound) | $0.63 | $0.61 |
| Bread (One Loaf) | $3.88 | $4.44 |
| Eggs (One Dozen) | $2.90 | $2.63 |
| Ground Beef (Per Pound) | $5.08 | $4.99 |
| Whole Milk (Half Gallon) | $2.99 | $3 |
Grocery prices in Pittsburgh show minor fluctuations compared to the national average. While some items like bread and milk are slightly more expensive, others like eggs and ground beef offer minor savings.
Transportation and Vehicle Maintenance
National Average for Gas (Per Gallon)
$3.74 Pittsburgh, PA: $3.93
National Average for Tire Rotation
$57.60 Pittsburgh, PA: $60.68
Fuel and vehicle maintenance costs are slightly higher in Pittsburgh compared to the national average.
Healthcare
| Service | National Average | Pittsburgh, PA |
|---|---|---|
| Dentist Visit | $109.76 | $112.75 |
| Doctor Visit | $126.59 | $99.71 |
| Optometrist Visit | $119.23 | $99.77 |
| Prescription Drug | $462.17 | $481.42 |
Healthcare expenses show a mixed bag. While general physician and optometrist visits are cheaper, dental visits and prescription drugs tend to cost a bit more in Pittsburgh.
Lifestyle and Miscellaneous
| Item | National Average | Pittsburgh, PA |
|---|---|---|
| Movie Ticket | $11.69 | $11.57 |
| To-Go Latte | $5.29 | $5.64 |
| Yoga Class | $17.04 | $15.70 |
| Appliance Repair | $89.10 | $76.06 |
Lifestyle expenses, ranging from entertainment to personal care, show minor differences when compared to national averages. Overall, they contribute to a fairly balanced cost of living in Pittsburgh, PA.
In summary, Pittsburgh offers a competitive standard of living, with affordable housing options standing out as a major benefit. However, potential residents and investors should also consider higher utility costs and minor fluctuations in healthcare and lifestyle expenses. With this comprehensive view, making an informed decision about living or investing in Pittsburgh becomes a clearer endeavor.