Pittsburgh, contrary to popular belief, still has pockets of affordability in its housing supply, according to a study just released by the giant real estate website, Realtor.com.
In an article titled, “What Rising Home Prices? Where You Can Find the Most Homes Priced at $100K or Less,” the real estate sales portal ranks Pittsburgh number three in the nation.
“The Steel City boasts some of the coolest neighborhoods in the country,” writes Erica Sweeney. “Its thriving tech sector, top-notch universities and more affordable cost of living have helped with the city’s reinvention.”
Nationwide, there’s a growing gap between supply and demand.
“Prices have zoomed to new heights over the past year as hordes of buyers flocked to the market —right at the same time that sellers spooked by the pandemic pulled their listings,” says Sweeney. “Today, it’s hard enough finding a home for sale due to that historic inventory shortage, let alone one at a reasonable price.
“However, there are still deals to be found — if you know where to look.”
Just behind Detroit (in first) and St. Louis, Pittsburgh puts in a good showing, if you’re frugal and ready to keep an open mind.
“Someone looking to buy a home under $100,000 should be prepared to do some work,” says local real estate agent Dina Castillo, of Piatt Sotheby’s International Realty. “They should also be prepared to compromise on location. Locations where you could find homes under $100,000 a few years ago just don’t have those options anymore.”
“For example, in Brookline, south of Downtown, average home prices were around $110,000 in 2016, says Castillo. But they went up to $168,000 in 2020.”
No other neighborhoods were specified, but the first house listed for Pittsburgh on the site is a 1955 home for $52,500 in Penn Hills.
Nearby, Cleveland makes the list at number six, and Huntington, W.Va. ranks number 10.
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