Pittsburgh, PA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Pittsburgh, PA Housing Market Trends

With a population of 302,971, 138,058 total housing units (homes and apartments), and a median house value of $187,704, Pittsburgh real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Pittsburgh, accounting for 43.74% of the city's housing units. Other types of housing that are prevalent in Pittsburgh include large apartment complexes or high rise apartments ( 24.65%), duplexes, homes converted to apartments or other small apartment buildings ( 16.16%), and a few row houses and other attached homes ( 15.08%).

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 ( 49.80%), making the housing stock in Pittsburgh some of the oldest overall in America, although there is a range of ages of homes in Pittsburgh. The next most important housing age is between 1940-1969 ( 30.23%), followed by between 1970-1999 ( 14.68%). There's also some housing in Pittsburgh built between 2000 and later ( 5.29%).

Vacant housing appears to be an issue in Pittsburgh. Fully 12.24% 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

In the last 10 years, Pittsburgh has experienced some of the highest home appreciation rates of any community in the nation. Pittsburgh real estate appreciated 79.91% over the last ten years, which is an average annual home appreciation rate of 6.05%, putting Pittsburgh in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Pittsburgh definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Pittsburgh appreciation rates have trailed the rest of the nation. In the last twelve months, Pittsburgh's appreciation rate has been 11.43%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Pittsburgh were at 4.73%, which equates to an annual appreciation rate of 20.32%.

Relative to Pennsylvania, our data show that Pittsburgh's latest annual appreciation rate is lower than 50% 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 2000, to assist you in making the best Pittsburgh real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$187,704

Pittsburgh, PA HOME PRICES

> $1,315,000
1.1%
1.1%
$986,001 - $1,315,000
1.6%
1.6%
$657,001 - $986,000
5.4%
5.4%
$526,001 - $657,000
4.4%
4.4%
$394,001 - $526,000
7.5%
7.5%
$263,001 - $394,000
13.2%
13.2%
$131,001 - $263,000
28.2%
28.2%
$66,001 - $131,000
26.2%
26.2%
$0 - $66,000
12.4%
12.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for PA

Value Relative To Nation

Number Of Homes And Apartments:
138,058

Pittsburgh Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
162.41% 4.54%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,401 / per month

Homeownership Rate

Owners
43.6%
43.6%
Renters
56.4%
56.4%
Vacant
12.2%
12.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.3%
5.3%
1970 - 1999
14.7%
14.7%
1940 - 1969
30.2%
30.2%
1939 or Older
49.8%
49.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
43.7%
43.7%
Townhomes
15.1%
15.1%
Small Apt. Buildings
16.2%
16.2%
Apt. Complexes
24.7%
24.7%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.7%
3.7%
1 Bedroom
21.2%
21.2%
2 Bedrooms
30.3%
30.3%
3 Bedrooms
30.9%
30.9%
4 Bedrooms
9.2%
9.2%
5 or more bedrooms
4.6%
4.6%
0.0% 100.0%
% OF HOMES