As you consider buying or selling in 2018, it might be worth understanding the market history to better predict demand. That’s why we love the article posted by the Post Gazette who just completed a 2017 analysis on what sold in the city during 2017. Here are some of the key findings:
Large is Out, Small is In
The majority of homes that sold in Pittsburgh in 2017, were smaller, lower priced ones – the demand was high, many sold as fast as they were listed. The larger, pricier homes sat longer and some didn’t sell at all.
Larger Estates Are Parsing Out
The Tull Penthouse was an example of a property that was listed by the Post Gazette, it was put on the market for $13 million in February and didn’t sell. The owners decided to separate out the home into three and re-list (each for $9 million).
The Post Gazette listed a farmhouse for $170,000 and quickly sold for $130,000 in November. People were going crazy over the listing, which shows the demand for homes in this price range with some history and character.
Starter Homes in Demand
Listings that were in the $100,000 range are flying off of the market just as quickly. An example, the Post Gazette posted a starter home at 425 Queenston Street in Overbrook – the house was listed for $110,000 and sold for $100,000 in May.
Other properties such as condos and townhouses also peaked interests in 2017. If you have a property that’s in the $500,000 range, you may have to be ready to get creative and aggressive. If you’re looking to sell a starter home, know that you don’t have to settle when the first offer comes through. If you would like more details, check out the full article in the Post Gazette.