Sizzling Property: It is nonetheless a scorching Pittsburgh Market – however there are indicators of slowing down
TThe Pittsburgh real estate market is still hot, but there are signs that you can shop and not get burned.
Housing prices in the area are starting to drop – and the housing supply is growing slowly. In August, national real estate agency Redfin announced that a five-month, record-breaking price streak had ended. Prices are up 18% year over year, but those numbers seem to have finally stabilized.
As good news for sellers, Redfin also found in its market analysis, which included key takeaway properties from more than 400 subway areas, that 54% of homes are sold above list price and about half are under contract within two weeks .
The other good news is that mortgage rates are still below 3%, which gives buyers some leeway to make a more informed home decision. With most homes still selling near or above asking price, a deal is probably too good to be true.
Historically, Pittsburgh has not fallen into the same boom / bust cycle in real estate that has impacted other markets – until now. As I drove through the East End, I saw many “For Sale” signs and stayed up much longer than I expected. Is it because of overzealous prices?
“Not necessarily,” says Racheallee Lacek from Piatt Sotheby’s International Realty in Pittsburgh. “A lot has to do with looking for a job. When I see stories about local recruiting in business magazines, there is always an influx of buyers. “
She says shoppers with children outside of the city are affected by an area’s school district, local taxes, and the overall quality of life, while empty nests and new college graduates look for neighborhoods with more social activity.
In the end, the house has to be right for a buyer – and the hustle and bustle of overlooking defects is not as common in Pittsburgh as it is in New York State, for example.
Explore Eddy Homes
Anyone currently building or renovating a home is aware of the supply chain bottlenecks caused by the COVID-19 pandemic. In the midst of this, the builders who keep the train running are practically award-worthy.
One such company is Eddy Homes, named best house builder in Pittsburgh Magazine’s 2021 reader survey “Best of the ‘Burgh”. Founded in 1971 by Edward Moritz, the company specializes in bespoke, luxury and terrace houses north and south of Pittsburgh. It’s pretty cool to land on his website and navigate through photos of the different parishes, houses, and floor plans that are being developed.
“Our design collections are designed to simplify and streamline the construction process for anyone looking for a new home with a turnkey, effortless design in less time,” said Ashley Fullerton, Sales and Design Director, Eddy Homes.
Living styles have changed over the years – including the development of the home office, which became especially important when people were working from home during the pandemic. According to Fullerton, Eddy offers flexible floor plans and multiple home office configurations that have proven to be winners with buyers. Extended living options in prefabricated basement floors that offer entertainment and play areas are also popular.
Pine, Eddy’s Brookfield Estates neighborhood, has artisan-style terrace houses with prices starting at $ 463,000. The hotel is just down the street from the Village of Pine shopping center and the location is spectacular. In Marshall, Allman Acres has bespoke homes with prices starting at $ 740,000. In addition to over 3,000 square feet of living space, home buyers can expect wall windows, large fireplaces, and exciting upgrades like wooden chevron ceilings and spa-worthy primary bedroom and bathroom suites.
At Wexford Station in Pine, single-family homes with a living space of 1,790 square meters and more are available. Prices start at $ 540,000 for these family-friendly craft-style homes. Heading south, the Justabout Farms community in Peters is booming for many builders, and Eddy Homes is no exception. The developer is now selling houses in the second phase of construction; At the time of going to press, only 17 apartments from the original first phase with 48 apartments are still available.
Peters Township School District, ranked high in Pennsylvania for academic achievement, is certainly a draw for these buyers, as is the developer’s wide range of floor plan options. If you’re looking for something a little smaller in the same school district, Sherwood Pond is a great option. A little further out, Cherry Valley Estates in McDonald has a lovely pond and a little more of that rural lifestyle.