Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings Increased 8%
Number of Homes Sold Increased 2% in August 2025 compared to 2024. There were 41 more homes sold in August 2025. The average sold price increased 7% for August 2025 at 319k compared to August 2024 at 296k. There were 796 price reductions in the last 7 days compared to last month this time we had 691. 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 9 weeks a year ago. There are 224 more 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) 192 less than 2023. To summarize…more homes sold in August, and September seems to be running ahead of last year with more homes pending to sell, prices were up a good bit. Hard to say if buyers are getting it, that prices are probably going be jumping even higher over the next 12-18 months if the economy and interest rates all start to get more in line.
If am going to predict the market over the next few months...
With the government signing the BBB behind us, and it looks like a sizeable interest rate drop is looming. The real estate market is probably only quarter or 2 away from a booming market again. Hard to say for sure, no one can predict the future. The changes going on in the government tariffs don’t seem to have much effects at this time. I have been saying. “2025 is going to be GOOD!” I have been slightly wrong so far. BUT ONLY GOD KNOWS THE FUTURE,
In the last 7 days 745 homes have gone under contract with buyers. While there were 755 new listings that entered the market.
There are 3,722 homes under contract preparing to close in the next 2-6 weeks compared to 3,984 homes under contract last month at this time and 3,964 in September 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.
“Buyers are going to get some deals over the next few months, but that could be changing soon after that.”
Historic Count of Active Listings
Real Estate Tips
https://www.nicksupik.com/smart-real-estate-news/weekly-market-report-9-11-24
https://www.nicksupik.com/smart-real-estate-news/weekly-market-report-8-14-24
https://www.nicksupik.com/smart-real-estate-news/market-report-7-3-24
https://www.nicksupik.com/smart-real-estate-news/weekly-market-report-7-10-24