Pittsburgh, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Pittsburgh, PA Real Estate Data

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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Pittsburgh Housing Market Information

With 302,407 people, 132,802 houses or apartments, and a median cost of homes of $131,684, 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 44.06% of the city's housing units. Other types of housing that are prevalent in Pittsburgh include large apartment complexes or high rise apartments ( 23.40%), duplexes, homes converted to apartments or other small apartment buildings ( 16.45%), and a few row houses and other attached homes ( 15.81%).

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 ( 51.77%), 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 ( 29.58%), followed by between 1970-1999 ( 14.23%). There's also some housing in Pittsburgh built between 2000 and later ( 4.42%).

Vacant housing appears to be an issue in Pittsburgh. Fully 13.64% 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 50.39% over the last ten years, which is an average annual home appreciation rate of 4.16%, putting Pittsburgh in the top 10% 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.

Appreciation rates are so strong in Pittsburgh that despite a nationwide downturn in the housing market, Pittsburgh real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pittsburgh appreciation rates continue to be some of the highest in America, at 8.00%, which is higher than appreciation rates in 82.49% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pittsburgh. Pittsburgh appreciation rates in the latest quarter were at 3.49%, which equates to an annual appreciation rate of 14.72%.

Importantly, this makes Pittsburgh one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Pennsylvania, our data show that Pittsburgh's latest annual appreciation rate is higher than 90% 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:
$131,684

Pittsburgh, PA HOME PRICES

Value Range
> $1,269,000 1.2
$953,001 - $1,269,000 1.4
$635,001 - $953,000 3.5
$508,001 - $635,000 3.1
$381,001 - $508,000 5.9
$254,001 - $381,000 10.7
$127,001 - $254,000 26.1
$63,001 - $127,000 31.2
$0 - $63,000 17.0

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
64.6481751824818 61.1969111969112

Number Of Homes And Apartments:
132,802

Pittsburgh Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
106.95% 3.96%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,202 / per month

Homeownership Rate

Homeownership
Owners 43.91
Renters 56.09
Vacant 13.64

Housing Market Details

 

Age of Homes

AGE OF Pittsburgh HOMES
2000 or Newer 4.4
1970 - 1999 14.2
1940 - 1969 29.6
1939 or Older 51.8

Types of Homes

TYPE OF Pittsburgh HOMES
Single-Family 44.1
Townhomes 15.8
Small Apt. Buildings 16.5
Apt. Complexes 23.4
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Pittsburgh HOMES
No Bedroom 3.75
1 Bedroom 20.24
2 Bedrooms 31.11
3 Bedrooms 31.16
4 Bedrooms 9.29
5 or more bedrooms 4.45