Zillow reports that the average home value in Pittsburgh was $213,206 in January 2023, more than $100,000 less than the $328,745 national average.
While Pittsburgh continues to be one of the most affordable cities in the U.S. to buy a home, you should know that housing prices significantly go up or down depending on which of the city's 90 neighborhoods you're looking to buy or sell in.
In this post, we'll explore Pittsburgh housing prices, starting in the priciest locations and working our way down to the less expensive ones.
Pittsburgh Neighborhoods with the Highest Home Prices
Steel City has several neighborhoods where the average home price is out of reach for many prospective homeowners, particularly now that several interest rate hikes done in 2022 have made borrowing prohibitively expensive.
The areas in Pittsburgh with the highest property prices include:
Shadyside is a highly desirable neighborhood located east of downtown Pittsburgh. It is best known for its tree-lined streets, elegant mansions, hip events, upscale shops and restaurants, and several parks, including Mellon Park and Shadyside Park, which provide residents with a peaceful escape from the hustle and bustle of city life.
It is also minutes away from some of Pittsburgh's top attractions, including the Carnegie Museum of Art and the Pittsburgh Zoo, and is home to some of the best public and private schools in Steel City, which makes it an attractive option for families with children.
The neighborhood's housing prices have been steadily rising in recent years due to the high demand for properties in the area, and the median home price in December 2022 was $578K, an increase of 38.9% from December 2021.
While Shadyside properties cost more than those in many other parts of Pittsburgh, they offer a great investment opportunity due to the neighborhood's steady real estate market and vibrant community.
Squirrel Hill, split into Squirrel Hill North and Squirrel Hill South, has some of the most expensive residences in Pittsburgh, but its proximity to downtown Pittsburgh, major employers, universities, cultural attractions, many parks, top-ranked schools, shopping malls and excellent restaurants makes it an ideal place for those who can afford to live there.
The median listing price of a property in Squirrel Hill North in January 2023 was $796.9K, which is almost $600K more than the city of Pittsburgh's median home price. The neighborhood also has many homes exceeding the $1 million mark.
Location, size, and amenities are a few variables that affect home prices in Squirrel Hill, with larger, more opulent residences commanding the highest prices.
Formerly a hub for warehouses and distribution, the Strip District is now the hottest location for urban housing and innovative office concepts.
It is also one of the most sought-after neighborhoods in Pittsburgh for homebuyers. According to Zillow, the average home value in the Strip District is $500,374 as of January 2023, which again is significantly higher than the average home value in Steel City.
The prime location of the Strip District is one of the reasons contributing to the high cost of real estate there. For people who work in the city, Strip District makes for a convenient spot to live as it is only minutes away from downtown Pittsburgh.
The neighborhood is also located along the Allegheny River, providing residents with beautiful waterfront views.
Another reason homes in Strip District are so expensive is because of the neighborhood's unique character. Strip District is home to many historic buildings, including several warehouses that have been converted into lofts and apartments. These properties are highly sought after by homebuyers who are looking for a unique living experience.
In addition to its location and character, Strip District is home to some of Pittsburgh's best restaurants, many of which serve international cuisine, a wide range of global retailers, and many local businesses, including coffee shops and boutique stores.
5 Pittsburgh Neighborhoods with the Most Affordable and Cheapest Home Prices
If you want to own a house in Pittsburgh without going broke, these neighborhoods are a fantastic option.
Lawrenceville is one of Pittsburgh's largest neighborhoods, consisting of Lower, Central, and Upper Lawrenceville.
It has undergone a significant transformation in recent years, becoming one of the city's trendiest neighborhoods.
Potential homebuyers can choose from a mix of new construction and historic homes, and the prices are more reasonable than some of the other trendy locations in Pittsburgh.
In January 2023, average home values in Lower, Central, and Upper Lawrenceville were $306,894, $288,773, and $273,560 respectively.
Lawrenceville, Pittsburgh, is a great place to live because of its lively and diverse community and thriving arts scene. With many shops, restaurants, and bars, there's always something new to explore in Lawrenceville.
The neighborhood's proximity to downtown Pittsburgh also makes it an ideal location for work and play, while the many parks and trails provide opportunities for outdoor recreation.
This neighborhood is located east of Lawrenceville, and it also has a mix of old and trendy new homes.
The median home price in Bloomfield is $258,953, making it one of the more affordable neighborhoods in Steel City.
It is home to some of the best Italian restaurants in Pittsburgh, making it a popular spot for foodies, and is also known for its beautiful parks and community events, making it a great place for families.
It takes 10 minutes to get from downtown Pittsburgh to the reasonably priced suburb of Brookline.
If you want to live close to the city but don't want to pay a high price for a property in Pittsburgh, this neighborhood of roughly 14,000 people is the ideal place to buy a house.
Brookline has a $174,764 average house value, with plenty of bars and restaurants for young professionals, and the neighborhood is also a popular choice for families thanks to its good schools and lots of parks.
Carrick is a neighborhood in the southern part of Pittsburgh, Pennsylvania.
The median home price in Carrick is $126,363, and it is possible to get a home under $100K here, making it a good option for first-time homebuyers or those on a tight budget.
Over the years, Carrick has faced its share of challenges, including economic downturns, insecurity, and demographic shifts. However, it has remained a tight-knit community with a strong sense of identity, and today it is known for its historic architecture, local businesses, and community organizations.
Other areas in Pittsburgh where you can find affordable housing – well below the $213,206 average home value in the Steel City – include Beechview, Shaler, Greenfield and Brighton Heights.
While these neighborhoods may not have the same level of amenities or upscale appeal as some of the city's more expensive neighborhoods, they offer a sense of community and affordability that make them a great choice for many Pittsburghers.
Homebuyers of Pittsburgh: #1 Professional Home Buyer in Pittsburgh
Are you in the market to buy or sell a home in the Pittsburgh area? Look no further than Homebuyers of Pittsburgh!
As a leading cash home-buying company in the city, we have a deep understanding of the Pittsburgh real estate market and can provide you with up-to-date information on Pittsburgh home prices and trends, as well as guidance on navigating the house-buying or selling process.
We know that selling or buying a home can be a daunting task, which is why we strive to make the process as smooth and stress-free as possible for you. With our team on your side, you can rest assured that you'll receive personalized attention and support throughout the entire transaction.
So what are you waiting for? Contact Homebuyers of Pittsburgh today at 412-444-8914 or info [at] urbanpgh.com to learn more about our services and how we can help you achieve your real estate goals. We look forward to hearing from you!