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PITTSBURGH HOUSING MARKET INFORMATION
With 301,048 people, 134,820 houses or apartments, and a median cost of homes of $140,381, house prices in Pittsburgh are solidly below the national average.
Single-family detached homes are the single most common housing type in Pittsburgh, accounting for 44.02% of the city’s housing units. Other types of housing that are prevalent in Pittsburgh include large apartment complexes or high rise apartments ( 23.59%), row houses and other attached homes ( 16.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 15.93%).
People in Pittsburgh primarily live in small (one, two or no bedroom) single-family detached homes. Pittsburgh has a mixture of owner-occupied and renter-occupied housing.
The housing in Pittsburgh was primarily built before 1939 ( 51.45%), making the housing stock in Pittsburgh some of the oldest overall in America, although there is a range of ages of homes in Pittsburgh. The next most important housing age is between 1940-1969 ( 29.26%), followed by between 1970-1999 ( 14.67%). There’s also some housing in Pittsburgh built between 2000 and later ( 4.62%).
Vacant housing appears to be an issue in Pittsburgh. Fully 13.61% of the housing stock is classified as vacant. Left unchecked, vacant Pittsburgh homes and apartments can be a drag on the real estate market, holding Pittsburgh real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
PITTSBURGH HOME APPRECIATION RATES
In the last 10 years, Pittsburgh has experienced some of the highest home appreciation rates of any community in the nation. Pittsburgh real estate appreciated 58.32% over the last ten years, which is an average annual home appreciation rate of 4.70%, putting Pittsburgh in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Pittsburgh definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout’s data show that during the latest twelve months, Pittsburgh’s appreciation rate, at 3.43%, has been at or slightly above the national average. In the latest quarter, Pittsburgh’s appreciation rate has been 2.81%, which annualizes to a rate of 11.73%.
Importantly, this makes Pittsburgh one of the highest appreciating communities in the nation for the latest quarter, and may signal the city’s near-future real estate investment strength.
Relative to Pennsylvania, our data show that Pittsburgh’s latest annual appreciation rate is lower than 50% of the other cities and towns in Pennsylvania.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Pittsburgh differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pittsburgh – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Pittsburgh real estate investment or home purchase decisions.