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Economy & Business

Pittsburgh Home Sales Are Skyrocketing, According To A Recent Study

real estate home for sale observatory hill remax market.jpg
Katie Blackley
/
90.5 WESA
A home for sale in Pittsburgh's Observatory Hill neighborhood.

According to a recent report by the real estate company Zillow, more than half of listed homes in Pittsburgh in April 2021 were sold on the website within a week, and only 15% were on the market for more than two months.

Zillow economist Treh Manhertz said low mortgage rates and millennial first-time home buyers entering the market are contributing to the rapid sales.

“[They’re now of] home-buying age, and finally have some of the capital to do that,” Manhertz said.

Manhertz said houses appear to be selling faster than they can be listed, which means potential buyers have to be vigilant.

“More people can be competing for the same home, and that just creates this market where you have to be quick, you have to be refreshing those listings using tech tools and just being tuned into the market at all times to jump on the phone,” Manhertz said.

The average home price in Pittsburgh is nearly $208,000, according to Zillow data.