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 Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Pittsburgh Housing Market Information

With a population of 302,407, 134,820 total housing units (homes and apartments), and a median house value of $135,053, 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 44.02% of the city's housing units. Other types of housing that are prevalent in Pittsburgh include large apartment complexes or high rise apartments ( 23.59%), row houses and other attached homes ( 16.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 15.93%).

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 ( 51.45%), 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 ( 29.26%), followed by between 1970-1999 ( 14.67%). There's also some housing in Pittsburgh built between 2000 and later ( 4.62%).

Vacant housing appears to be an issue in Pittsburgh. Fully 13.61% 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 53.39% over the last ten years, which is an average annual home appreciation rate of 4.37%, 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.

NeighborhoodScout's data show that during the latest twelve months, Pittsburgh's appreciation rate, at 6.70%, has been at or slightly above the national average. In the latest quarter, Pittsburgh's appreciation rate has been 0.51%, which annualizes to a rate of 2.07%.

Notably, Pittsburgh's appreciation rate in the latest quarter is one of the lowest in America.

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:
$135,053

Pittsburgh, PA HOME PRICES

Value Range
> $1,211,000 1.0
$908,001 - $1,211,000 1.3
$605,001 - $908,000 4.0
$484,001 - $605,000 3.5
$363,001 - $484,000 6.6
$242,001 - $363,000 11.3
$121,001 - $242,000 26.5
$61,001 - $121,000 30.0
$0 - $61,000 15.7

Average for PA
Low for Nation

Value Relative to Nation Value Relative to State
63.9416058394161 59.1698841698842

Number Of Homes And Apartments:
134,820

Pittsburgh Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
110.63% 3.95%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,180 / per month

Homeownership Rate

Homeownership
Owners 44.35
Renters 55.65
Vacant 13.61

Housing Market Details

 

Age of Homes

AGE OF Pittsburgh HOMES
2000 or Newer 4.6
1970 - 1999 14.7
1940 - 1969 29.3
1939 or Older 51.4

Types of Homes

TYPE OF Pittsburgh HOMES
Single-Family 44.0
Townhomes 16.2
Small Apt. Buildings 15.9
Apt. Complexes 23.6
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Pittsburgh HOMES
No Bedroom 3.84
1 Bedroom 20.16
2 Bedrooms 30.69
3 Bedrooms 31.43
4 Bedrooms 9.44
5 or more bedrooms 4.44