Pittsburgh Real Estate--Residential Housing Market Going Strong! Well, we may not have the best weather in the country but Pittsburgh Real Estate--Residential Housing Market is alive and well in 2010. Pittsburgh did not experience the overzealous real estate speculation and pricing escalation experienced by other states such as California, Nevada, Arizona and Florida but neither did it experience the housing bubble bursting. Stable and steady she goes, Pittsburgh Real Estate--Residential Housing Market generally maintained its housing prices and inventory levels throughout most of the troubled housing years of 2007-2009.
For a housing market to be attractive, it must exhibit price appreciation, overall affordability and a low number of foreclosures. Pittsburgh Real Estate--Residential Housing Market ranks favorably in all three areas as detailed by Francescaa Levy's article: America's Best Housing Markets, 2/29/10, Forbes.com (see bullets below.)
- AFFORDIBILITY: 85% of homes in Pittsburgh are affordable to those making the median family income of $62,500. The American Dream of home ownership can be realized by the majority of families at this income level.
- PRICE APPRECIATION: Pittsburgh home prices are expected to increase 2.67% by the end of this year. Certainly good news for Sellers and a push for Buyers to buy now.
- LOW FORECLOSURE RATE: Only 1 in 120 homes in Pittsburgh are going into foreclosure. This prevents a pricing "drag-down" effect" to neighboring homes and neighborhoods.
A lower than national average unemployment rate contributes to Pittsburgh's overall economic health and Pittsburgh Real Estate--Residential Housing Market too. A transition from steel and manufacturing to education, medicine and technology has helped keep Pittsburgh moving and grooving. Top employers include PNC, Bayer Corp., UPMC, WECO, Westinghouse Electric, Heinz, USX, PPG and Mellon Bank. So, if you are looking to buy a house, now is the time and Pittsburgh is the place. And if you need more incentive, "how bout them Steelers" winning the Superbowl a record number of times. More Real Estate news and information can be found on my website, http://www.PittsburghNorthernHomes.com.