If you’re planning to sell a home in Pittsburgh, Pennsylvania, one of the first things you should do is get information about current real estate trends.
This information will give you a good idea of average home prices in Pittsburgh, and will help you determine if the market is right to sell your home, the right asking price for your home, whether making home improvements before putting up your home for sale will be worth it, how much you can refinance your home for if you decide not to sell, and much more.
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The Roberto Clemente Bridge (also known as Sixth Street Bridge), spans the Allegheny River in downtown Pittsburgh.
Over the last two years, there has been a huge demand for homes in Pittsburgh, which has led to a steady rise in home values in the city.
In this post, I’ll share with you details about home values in Pittsburgh, PA, how you can know the value of your home, and tips on how to increase its value if you’re selling.
What Is the Average Home Price in Pittsburgh?
As of May 2022, the average home value in Pittsburgh, PA, is $237,934.
This valuation is up from an average of $180K in January 2020, just before the onset of the Covid-19 pandemic.
The median listing price for a Pittsburgh, PA, home in April 2022 was $244.9K, while the median selling price was $246.5K, which shows homes are being sold at just about the average asking price.
Pittsburgh has over 80 neighborhoods, and currently, the most expensive and most affordable ones are Squirrel Hill North, with an average home price of $764K, and Sheraden, where most homes have a valuation of $120K.
According to the National Association of Realtors, the median price for a home in America is $350,300, which makes Pittsburgh, PA, with an average home price of $244.9K, one of the more affordable US cities to buy a home.
Like everywhere else, demand and supply determine the average price of homes in Pittsburgh, and in 2022, it is expected that home prices will continue to go up by more than 10% as more buyers look for homes in a real estate market that doesn't quite meet their demand.
On average, it takes less than 50 days to sell a Pittsburgh home once it's listed and if you’re a real estate investor looking to rent out a home, you buy, the current average rent for a 3 bedroom apartment in Pittsburgh, PA, is currently $1,695.
Three Ways to Determine Your Home’s Value
One of the first questions you’ll ask when you decide to sell your home is "How much is it worth?" Once you answer this question, you most likely will do all you can to sell your property as close to the price it is valued.
Knowing the worth of your home, even if you’re not selling it, is also important, as this will help you determine your overall net worth.
Some of the ways you can use to value your Pittsburgh, PA, home include:
Online Home Valuation Tools
Type “value of my house” on Google, and in the search results, you’ll see many home value estimating tools.
By feeding generic information about your home such as the number of rooms it has, square footage, location, etc., you’ll within seconds know how much you can sell it for.
The online home valuation tools use the information you provide together with public records such as property transfers, recent house listings, and property sales in your area to determine the potential price of your Pittsburgh home.
Note, however, that these tools can be misleading because they don’t factor in certain aspects that make your home worth more.
For example, the online tool may value your house at $240,000 because several homes similar to yours recently sold at that price in your area.
But if you recently remodeled the kitchen or put in hardwood floors, these upgrades are not factored in, and the online tools assume your house has the same value as those that just sold.
At best, you should only use an online home valuation tool to get a ballpark figure of the value of your home.
Some of these home valuation estimation tools offer free follow-up consultation, which you can take advantage of if you’re serious about selling your home.
Get a Comparative Market Analysis (CMA)
This involves getting a local real estate agent to value your home, which they can do for free or charge you a small fee.
While doing the CMA, the agent will take into account anything that will impact the value of your house, including the size and condition of the home, security and amenities in the area, and current real estate market conditions.
The value the real estate agent provides in the comparative market analysis is highly accurate and can be used for home listing purposes.
Online home valuation tools and CMA’s rely on current home listings and recent sales to determine the worth of your property.
So, you can also use this method to estimate your home’s value.
To do this, simply go to several leading real estate websites and search for homes similar in size, condition, upgrades, location, etc., to yours and check their prices.
How Can You Increase the Value of Your Pittsburgh, PA, Home?
The price of your home will in most instances go up year on year unless issues beyond your control occur, like an economic downturn, local real estate politics, and high unemployment in your area.
To benefit from the increase in prices, however, you should do regular maintenance on your property to ensure it remains in top-notch condition.
Simple things like repainting your house, cutting the grass on your lawn, getting rid of clutter, and ensuring your roof is well maintained increase the value of your home.
When selling, upgrading fixtures if you have an old house can also give you a big bump in price. For example, installing a new garage door before you list the property can increase your home value by 4%.
HomeBuyers of Pittsburgh: The #1 Professional Home Buyer
Knowing the value of your home is important when selling it, but after you get the home valuation and list your property, finding the right buyer can be quite challenging.
It can take months before you get a buyer, and the sale process can drag and be stressful even after you get a buyer.
To avoid the complications that come with selling a home, get in touch with HomeBuyers of Pittsburgh. Using a simple three-step process, we can make a competitive cash offer for your home within days or hours of you getting in touch with us.
We will not only speed up the sale of your home but also save you costs such as realtor fees and provide you with the much-needed cash you require to smoothly transition to your new home.
Get in touch with us at 412-444-8914 or info [at] urbanpgh.com, and we can begin the fast and hassle-free process of selling your home.