Pittsburgh Home Prices Set to Rise

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By Randi Petrello

Home values are up nationwide and are expected to keep climbing, according to new data. The same holds true for homes in the Pittsburgh area.

Zillow’s second-quarter Real Estate Market Report found that home values increased 2.4 percent from the first quarter of 2013 to $161,000.

In Pittsburgh, home values were up 1.5 percent year-over-year to $112,200, according to the data.

Pierre Khoury, a Realtor with Prudential Preferred Realty in Cranberry Township, said he has seen listing prices increase in his area.

“We usually see 2 to 3 percent appreciation over a year,” Khoury said, “but we’re seeing more than that already.”

Khoury said he expects housing prices to continue to rise.

“The housing market has a conservative nature here, where growth is steady and we don’t see extreme highs and lows,” Khoury said.

The Zillow report said that markets that had been slow to turnaround, such as Atlanta, Chicago and St. Louis, also saw home prices appreciate.

In the Renaissance City, home values were up 14.3 percent year-over-year to $89,600. Home values are expected to increase 5 percent over the next year, according to the report.

One projection shows home prices rising nationwide 8 percent, though Khoury said he doesn’t think Pittsburgh will see that kind of increase.

“I don’t think we will see that here in Pittsburgh, but by the end of the year we will be pleasantly surprised,” Khoury said.

He added that if you’re a homeowner and want to sell your house, now is the time.

“It’s really become a seller’s market,” he said.


First Published September 13, 2013 8:45 AM


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