Did you know that real estate markets can change every day? In most cases, the changes are small enough that you won’t notice them. Over time, these shifts can affect how you approach selling or buying a home.
Because of the regular changes, it’s important to stay up to date with predictions every new year. What can you expect from the housing market in Pittsburgh in 2024?
Keep reading to find out.
Housing Market in Pittsburgh: An Overview
Home values in Pennsylvania rose almost 30% in the last five years. Home sales decreased because of the rise in mortgage rates across the country.
The housing market in Pittsburgh can only be described as resilient and in demand.
Even if mortgage rates were to increase, home sales will not falter. Spring of 2024 is a great time to sell your property based on the latest housing market trends.
Average home prices are expected to increase based on the tight inventory. In December of 2023, the median sold price for homes in Pittsburgh was $237,758.
It takes 46 days on average for a home to sell in the current market. Although this seems like a long time, the numbers are down from previous years.
Based on past trends, February is a slow month for home sales. This pattern is expected to continue with home sales amping up in the Spring.
2024 Housing Market Predictions
Skyrocketing mortgage rates were the big story in 2023. In 2024, buying a house might be more affordable and accessible to those living in Pittsburgh.
More Homes on the Market
The number of Pittsburgh homes on the market is expected to rise in 2024. Many sellers chose to keep their homes to avoid buying a new home with a higher mortgage rate.
Baby boomers may be looking to downsize, increasing the number of homes on the market further. With people going back into the office for work, some have to move to be closer to their employer.
Many parts of the United States are struggling with housing shortages. Although the supply is lower than the demand in Pittsburgh, it’s not as varied as the market in other big cities.
Stabilized Mortgage Rates
Mortgage rates hit the highest level in 23 years back in October 2023. The labor market began softening the following month, dropping mortgage rates.
Mortgage rates hit almost 8% last year. Although rates will likely remain above 6%, this number is more stable than the 2023 rates. It’s predicted the market will see a drop in mortgage rates by the second half of 2024.
Mortgage rates will fall to 6.7% this year and drop even further to 6.2% in 2025, according to some experts.
Rise in Home Buyers
Because more homes are expected to hit the real estate market, home buyers will rise. The historically high interest rates last year made people avoid the market at all costs.
The easing of inflation and stabilizing rates are expected to bring back house hunters.
Increased New Home Construction Sales
The National Association of Home Builders (NAHB) predicts that new house building will increase by 6% in 2024.
The increase in builder confidence comes from the robust economy, rising home values, and low borrowing rates.
The most recent data for the sale-to-list price ratio in Pittsburgh is 98%. This means that most properties sell for just under the asking price.
There has been a drop in the number of homes sold for higher than their list price, and this trend could continue throughout 2024. It can be hard to drive sales above asking, especially if your asking price was ambitious to begin with.
Still, only 19% of homes sold last year reduced their asking price. It’s still possible for sellers to get what they ask or above it.
Rise in Renters
The cost of owning a home is still high even as mortgage rates are slowly dropping. Homeownership is not in the cards for everyone, so there may be a rise in renters in Pittsburgh.
Monthly house payments average $2,430, a 28% increase since 2021. Big metro areas of Pittsburgh are expected to feel this trend the most. Renters will search for rental properties in the city until they can save for a home.
Those who don’t mind being further from the city will continue to buy houses in the suburban areas of Pittsburgh.
Will the Housing Market Crash?
It’s unlikely that the Pittsburgh housing market will crash in 2024.
The relatively affordable housing and new construction market will attract buyers. The continuous demand for homes will likely outpace supply, keeping the Pennsylvania housing market strong.
The job market is a huge factor in whether or not there will be a housing market crash. The job market in Pennsylvania is currently strong.
The employment sector in the state grew by 4.1% in September of 2023 alone, which is two times faster than the national average. The economy in Pennsylvania is expanding at a faster rate than the country as well.
Will 2024 See a Buyer’s or Seller’s Market?
2024 is the year of the sellers! Buyers can benefit from many of the market trends as well.
Home prices in the area are rising which will continue until the supply-demand changes.
Mortgage rates plummeted in November 2023 after reaching a new high in October. The lower rates led to more listings on the market. Those who refused to sell during the higher rates began acclimating to the rates between 6-7%.
By Spring of 2024, more homeowners are expected to follow suit and list their properties for sale. The increase in listings will bring back buyers who were on the sidelines.
There is already an uptick in mortgage applications as buyers return to the market to find their dream homes.
House hunters unable to afford a home in 2023 will start shopping in 2024. Sellers will be able to dominate this market because the demand for houses in Pittsburgh will increase.
Buyers will benefit as well, especially with new builds. New construction homes will compete for the attention of buyers. Builders are offering concessions in 2024 that may force sellers to make the buying process more affordable.
New constructions, desperate home buyers, and baby boomers wanting to downsize are expected to flood the market in 2024. If you are looking to find your dream home in Pittsburgh, Spring is the time to begin your search.
The Best Time to Sell a House
No matter the location of a home in Pittsburgh, April through June is the ideal time to list your home. Many families prefer moving to a new place before the start of a new school year.
These months often see a thriving real estate market packed with buyers motivated to get a deal done.
During this time, it won’t require that much time for homes to sell. Properties sell faster in highly sought-after neighborhoods.
Because there are more buyers than homes on the market, there is a strong likelihood that reasonably priced homes will sell fast.
As a buyer, you need to be quick when you find a home that fits your needs and budget. It’s more than likely the house has interest from other buyers. Waiting too long to submit an offer is a risk you won’t want to take.
Preparing to Sell a Home in the Current Market
If you want to sell your home in the Spring of 2024, you will find interested buyers with ease. However, these buyers are looking for their dream home.
To make the most profit from your sale and keep interest in your property high, there are things you can do to prepare your home.
These are the best ways to prepare your property for the current real estate market:
Declutter Your Home
To sell a house, the buyer needs to picture themselves living in it. They won’t be able to do this if the home is cluttered.
If you look at property listings, you’ll notice that most homes have been cleaned and decluttered. Use a decluttering checklist to do the same.
Cluttered spaces are major turnoffs for prospective buyers. Clutter makes rooms appear smaller and less attractive. To avoid losing top dollar for a sale, go through your entire home and get rid of:
- Excess furniture
- Personal photographs
- Unused appliances
You can sell or donate your unwanted items. If you prefer to keep some things, rent out a storage unit until you move into your new space.
Do Simple Repairs
You can sell a home as-is in a seller’s market because of the high demand. Still, it’s beneficial to make simple repairs to get the most money from your home sale.
If the market switches to a buyer’s market, failing to address concerns will turn away buyers. Buyers prefer a home to be in move-in-ready condition. They are willing to pay more for well-maintained properties.
Consider making these simple repairs before putting your home on the market:
- Dripping bathroom faucets
- Stained carpets
- Cracked tiles
- Loose door knobs
- Broken appliances
Go through every room in your house and make the obvious repairs.
If you have to move out quickly because of a new job or other life experience, consider selling to Pittsburgh Cash Home Buyers, LLC. We buy homes as-is for a fair price that you might not get if you put your home on the market instead.
Increase Curb Appeal
Your home’s interior might be the main attraction, but the exterior is the first thing that potential buyers see. To attract people willing to pay a premium for your home, make sure your curb is attractive and well-maintained.
These are a few things you can do to enhance your home’s curb appeal:
- Trim the bushes
- Mow the lawn
- Plant vibrant flowers
- Repaint the front door
- Buy a new doormat
- Thoroughly clean the outside
Creating a welcoming entrance will go a long way in putting your home up for sale. Plus, most curb appeal improvements are affordable.
Deep Clean the Home
Keep your home spotless, especially if you plan on having open houses. Thoroughly clean every surface and remove dust and debris.
Home buyers will be easily turned off by dirty homes. You can hire a professional cleaning company to ensure your home looks as good as new before putting it on the market.
While your home is on the market, continue keeping your house presentable. Make it a habit to regularly clean the place, especially if you are still living there.
Determine the Right Sales Price
Overpricing your home means it might not ever sell. You’ll lose money and hope the longer your home sits on the market. Underpricing is just as bad because you lose money.
To determine the right sales price for your home, you need to know its value. You can use the real estate market trends above to complete a comparative market analysis.
An analysis involves comparing home sales in your area. You can work with a real estate agent who understands the local market and can help you price your home.
As a general rule of thumb in the industry, your asking price should be within 10 percent of the average sold price in your neighborhood.
How Can I Sell My House Fast?
If an average of 46 days on the market isn’t going to cut it for you, sell your home without listing it. Pittsburgh Cash Home Buyers, INC., will offer you a fair all-cash offer within 24-48 hours of contact.
We ask preliminary questions about your home’s condition and will schedule a walk-through. If you accept our all-cash offer, we’ll execute a simple purchase agreement and schedule the closing on your chosen day.
We handle the title and closing documents. You’ll receive a cash check for the fair market value of your home.
By buying properties with cash, we expedite the closing process and eliminate third-party fees. You don’t have to worry about extra costs or preparing your house for sale.
Get Your Fair Cash Offer Today!
It’s no secret that selling a home is a lot of work. Even in the booming housing market in Pittsburgh, your home could sit on the market for too long and sell for under the asking price.
When you need to sell your home, be sure to explore all of your options. Pittsburgh Cash Home Buyers, LLC. can provide you with the best services and support in the area.
Get a fair cash offer for your home now!