Earlier in the year, some homes were selling for as much as 30% over the asking price.
The roller-coaster real estate market of 2021 closed with a little more normalcy than expected after a home-buying mania driven by pandemic forces.
As the year wound down, real estate prices settled down with it. Houses were listing and selling closer to their list price, and buyers once again got a reprieve.
According to Realtor.com, homes in the City of Pittsburgh posted a median list price for the end of September at $230,000, trending up 2.2% year-over-year with a median sale price of $220,000.
That’s only part of the story, though. For example, just over the city line, houses in the 15237 ZIP code (Ross, McCandless and parts of Ohio Township) trended 10.8% higher year-over-year, with a median list price of $282,500 and a median sold price of $250,000. Keep in mind, this is after a February frenzy where houses were listing for a median $269,000 — but selling at a median of $348,500.
Many homesellers featured in Hot Property (part of our Nest weekly e-newsletter) reported taking advantage of the bubble to make moves they would not have otherwise considered. Others realized they truly needed more room after the irrevocable effect of the pandemic created more work-from-home opportunities and, for the foreseeable future, the possibility of at-home learning for children.
Hot Property, an inside look into unique and historic homes on the market. Each week, Hot Property goes behind the For Sale sign to share the story of a special Pittsburgh-area home. And four times a year, Hot Property gives an in-depth look at the region’s real estate market in Pittsburgh Magazine HOME, tracking housing prices and sales and detailing where the hot properties can be found. Rosa can be reached at [email protected].