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The Pittsburgh 2024 real estate market is expected to remain strong, with modest home price growth and a competitive market. This is according to a recent forecast by the Pennsylvania Association of Realtors®.
The forecast cites several factors that will contribute to the continued strength of the Pittsburgh market, including:
- A strong local economy with low unemployment
- A growing population
- A limited supply of homes for sale
Home prices
Home prices in Pittsburgh are expected to rise by an average of 3% in 2024, according to the forecast. This is a slower pace of growth than in recent years, but it is still a sign of a healthy market.
Housing market trends
One of the key trends that will impact the Pittsburgh housing market in 2024 is the continued rise of interest rates. The Federal Reserve is expected to continue raising interest rates in an effort to combat inflation. This will make it more expensive to borrow money for a mortgage, which could dampen demand for homes.
Another trend that is expected to impact the market is the growing popularity of Pittsburgh as a place to live and work. The city has a strong economy, a vibrant culture, and a relatively affordable cost of living. This is attracting new residents from all over the country, which is contributing to the limited supply of homes for sale.
What to expect if you’re buying or selling a home in Pittsburgh in 2024
If you’re thinking about buying a home in Pittsburgh in 2024, you can expect to face a competitive market. There will be a limited supply of homes for sale, and you’ll likely need to act quickly on any homes that you’re interested in.
If you’re selling a home in Pittsburgh in 2024, you can expect to sell your home quickly and for a good price. However, it’s important to price your home competitively and to work with a qualified real estate agent (like myself!) to market your home effectively.
Overall, the Pittsburgh, PA residential real estate market is expected to remain strong in 2024. This is good news for both buyers and sellers. If you’re thinking about buying or selling a home in Pittsburgh next year, be sure to work with a qualified real estate agent (like myself!) who can help you navigate the market and achieve your real estate goals.
