January 2018 Real Estate Update
We hope we kept you busy in January 2018 with our Pittsburgh Events To Look Forward To In January 2018 blog. Also, many people usually break their New Years Resolutions by this month (February) and if you have it’s never too late to start over! Try a New Years Resolution you can keep with either our blog to become a homeowner - So You Want To Be A Homeowner in 2018? Or our blog 2018 New Years Resolutions For The Homeowner if you already own your home.
However, if you’re still on the fence about buying or selling a home in the greater Pittsburgh area, hopefully these real estate statistics from January 2018 will convince you to take the leap!
South Hills of Pittsburgh VS. Pittsburgh Real Estate News:
With our last real estate update, Cecil Township saw a big increase in average sold price, and it kept that ranking all the way to the end of the year. Cecil Township also gets the prize for the biggest increase in sold listings, while it was the Bethel Park area for our last update. However, according to these charts, Cecil Township’s sold listings have remained the same from December 2017 to January 2018. Bethel Park, however, saw a slight increase in sold listings, average sold price, and a strong decrease in average days on the market! So while Cecil Township remained strong up until the end of 2017, Bethel Park is selling the most homes for the most amount of money and the shortest amount of time at the start of 2018!
So how do these South Hills areas of Pittsburgh statistics compare to the city of Pittsburgh? According to realtor.com:
- Median Listing Price: $170,000 (down from $175,000 last month)
- Price/square foot: $100,000 (up from $69,000 last month)
- Median Closing Price: N/A
- 3,426 homes for sale (down from 3,458 homes for sale last month)
- 1,159 (up from 1,233 homes for rent last month)
The Penn Hills area of Pittsburgh still has a large amount of homes for sale at 182, which has decreased a bit from last month – 229. While the South Side Flats had the most homes for rent last month, the South Side Slopes has the most homes for rent this month at 86.
National Real Estate Statistics:
- Our source predicts that there will be an increase of 3% more sales in 2018 compared to 2017.
- New construction is also expected to rise 10% to 1.3 million new single-family homes in 2018.
- Experts predict a steady rise in home prices – between 2% and 6% gain.
- Mortgage rates have increased slightly from 4% to 4.04% in 2018 so far.
Still confused about these statistics or wondering how they impact you? Contact any one of us from The Jim Dolanch Real Estate Team and we’d be happy to explain them in further detail. If you’re thinking of buying or selling your home in the next few months, don’t hesitate to contact us; our cutting edge marketing campaigns sets us apart from the rest!
Questions or Concerns? We Can Help!
As you can see, whether you’re looking sell a Pittsburgh area home or buy a home in the Pittsburgh real estate market this fall or winter 2017, we can assist! Don’t hesitate to contact us to get started by calling the office at 724-941-8680 or calling/texting directly at 724-288-8800.
Until Next Time,