Pittsburgh appreciation rates and housing market information

Pittsburgh housing market information

With a population of 334,563, 163,366 total housing units (homes and apartments), and a median house value of $101,968, house prices in Pittsburgh are solidly below the national average.

single-family detached homes are the single most common housing type in Pittsburgh, accounting for 43.81% of the city's housing units. Other types of housing that are prevalent in Pittsburgh include large apartment complexes or high rise apartments (23.56%), duplexes, homes converted to apartments, or other small apartment buildings (17.53%), and a few row houses and other attached homes (14.86%).

People in Pittsburgh primarily live in small (one, two, or no bedroom) single-family detached homes. Pittsburgh has a mixture of owner-occupied and renter-occupied housing.

The housing in Pittsburgh was primarily built before 1939 (50.67%), making the housing stock in Pittsburgh some of the older overall in America, although there is a range of ages of homes in Pittsburgh. The next most important Pittsburgh housing age is 1940-1969 (37.07%), followed by 1970-1994 (10.87%). There's also some housing in Pittsburgh built between 1995 and later (1.39%).

Vacant housing appears to be an issue in Pittsburgh. Fully 12.01% of the housing stock is classified as vacant. Left unchecked, vacant Pittsburgh homes and apartments can be a drag on the real estate market, holding Pittsburgh real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Pittsburgh home appreciation rates

Pittsburgh's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Pittsburgh during the period has been just 5.28%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Pittsburgh home appreciation rates, at 1.68%, have been at or slightly above the national average. In the latest quarter, Pittsburgh's appreciation rate has been 1.66%, which annualizes to a rate of 6.64%.

Relative to Pennsylvania, our data show that Pittsburgh's latest annual appreciation rate is higher than 54% of the other cities and towns in Pennsylvania.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Pittsburgh differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pittsburgh - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Pittsburgh real estate investment or home purchase decisions.