Pittsburgh home prices are up, but still affordable
Add Axios as your preferred source to
see more of our stories on Google.
Pittsburgh-area home prices had the fourth-largest year-over-year increase among the nation's biggest metros, according to Redfin data.
The big picture: This surge came as 12 of the 50 largest metros saw prices dip compared to a year ago, per the real estate site.
Zoom in: Pittsburgh's prices were up 8.7% in April from a year earlier.
- Only Newark, New Jersey, Cleveland and Milwaukee increased faster.
Yes, but: Pittsburgh's median home price as of April sat at $250,000, the third cheapest in the country.
What they're saying: Buyers from across the country are starting to discover Pittsburgh's cheaper homes compared to higher-cost cities, Brian Teyssier, a Pittsburgh Realtor with Remax, tells Axios.
- Teyssier has been selling homes in Pittsburgh for nearly two decades and said the median home price hasn't increased very quickly here compared to the rest of the country.
- The Pittsburgh metro's median home prices have jumped about $130,000 since 2005, compared to about $184,000 nationally, per Federal Reserve data.
- "I see some people moving here from places like Austin because of our affordability," he said. "We have never had a huge peak. We are just kind of steady."
Zoom out: Prices are falling or barely changing in parts of Florida, Texas and other areas where more homes are available.
- Prices are mostly rising in the Northeast and Midwest.
Reality check: Home sales have slumped nationally during what's typically the busiest season.
- Still-high prices — they're up around 52% from 2019, per Redfin — and elevated mortgage rates sidelined many homebuyers, especially first-timers.
- Pittsburgh's increase is in line with national averages, up 53.4% since April 2019.
- Economic uncertainty is also keeping some people away.
What we're watching: Redfin and Zillow forecast U.S. home prices will edge down by the end of 2025, while other experts expect a slow increase.
What's next: Teyssier said Pittsburgh's home sales are already slowing down a little bit, and he expects that to continue, especially in the summer months.
- "Things are starting to come back to normal," he said.