Pittsburgh Real Estate Update 2020

Laptop with house

The Pittsburgh real estate market has been hot even during a global pandemic. This year has been an unusual year, to say the least.

We experienced a total shut down of our ability to sell homes for a couple months here in the Pittsburgh area. And yet, we are projecting to end the year higher than last year. I personally have had a more successful year this year, compared to last year.

Real estate agents across the region were not so optimistic at the beginning of this pandemic, being their ability to help buyers and sellers was forced to stop.

Usually, a real estate agent cannot collect unemployment because they are considered independent contractors. Fortunately, an exception was made. The industry was granted unemployment, which helped sustain many through the initial months of the Covid restrictions.

If you had told me in April that the Pittsburgh real estate market would rebound and exceed 2019 numbers, I would have been doubtful. But, guess what happened? The market rebounded, and we exceeded 2019 numbers!

In late May, we were able to get back to work helping our clients. Guidelines were implemented as preventative measures for real estate agents and our clients in order to protect everyone’s safety. We are still following guidelines as the pandemic continues in the state.

The Covid guidelines include:

  • Wearing a mask for all showings.
  • Maintaining social distancing of 6 feet with clients.
  • Limiting the number of people viewing a home at any one time.
  • Staggering showing appointments to allow ample time for showings.
  • Showings preferably made by appointment only.
  • Request self-disclosure of Covid-19 symptoms of clients.
  • Recommend clients do not touch surfaces in the home unless necessary.
  • Discourage the use of bathrooms in properties.
  • Do not provide printed materials.
  • Use hand sanitizer.

Since the shut down, interest rates have continued to be at an all-time low.

Buyers are still ready to find their dream home.

With remote working and learning increasing, many homeowners have decided to move to a larger home.

Multiple offers remain a common occurrence in Pittsburgh. Buyers often times are offering prices over list price because of the lack of inventory.

Comparing 2019 to 2020 numbers for the North Hills of Allegheny County from January 1st – November 25th of each year, the statistics are staggering.

  • The average list price increased by 12% from 2019 to 2020.
  • The average sales price increased by 13% from 2019 to 2020.
  • The sales volume increased from $1,060,272,189 in 2019 to $1,208,289,325 in 2020

Those would be significant numbers during a typical year. Considering we had a total shut down for 2 months of the year, these numbers are astounding.

Pittsburghers are resilient. The Pittsburgh real estate market is strong.

I have over 17 years of experience selling real estate in our region. We can maneuver this real estate market together to help you achieve your goal of buying and/or selling a home following Covid guidelines.

Contact me by phone at 412-848-3907 or email at kim.henderson@pittsburghmoves.com to schedule a free consultation to discuss your real estate needs.