Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 8%
Number of Homes Sold Decreased 4% in March 2025 compared to 2024. There were 88 less homes sold in March 2025. The average sold price did increase nearly 4% for March 2025 at 284k compared to March 2024 at 273k. There were 592 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is a little over 12 weeks of inventory available (we call this absorption rate), and has increased from 8 weeks a year ago. There are 91 less current pending home sales right now, compared to last year at this time according to the West Penn MLS and (this is a interesting stat) 118 less than 2023. To summarize…more homes for sale, less homes pending to sell, prices staying above the inflation rate about 5-6% & more homes doing price reductions than anytime in the last 4-5 years.
If am going to predict the market over the next few months...
With the changes going on in the government tariffs there is no way of knowing what the trend is going to be over the next few months. I have been saying. “2025 is going to be GOOD!” ;) BUT ONLY GOD KNOWS THE FUTURE,
In the last 7 days 879 homes have gone under contract with buyers. While there were 729 new listings that entered the market.
There are 4,132 homes under contract preparing to close in the next 2-6 weeks compared to 3,862 homes under contract last month at this time and 4,132 in May 2024.
Demand is remaining fairly strong for 1)well marketed, 2)desirable & 3)effectively priced homes. Multiple-Offers over asking price is not happening all that much and waiving of home inspections is not happening as much at this time.
“I believe we will start to see a busier summer season than normal if the we see growing confidence in what President Trump is doing with the tariff deals.”
