Western Pa. Residential Real Estate Shows Solid Growth

9/25/17

With autumn's arrival, the leaves are beginning to fall, but home sales are not dropping in Western Pennsylvania. According to West Penn Multi-List, Inc. and its monthly residential real estate report, the upward trend continues for the local housing market.

"We continue to enjoy a healthy residential real estate market, with the number of closed sales and sales volume remaining strong," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh.

When comparing January-August 2017 with the same time period in 2016:

  • Closed sales are up 3.45 percent (19,149 units in 2017 versus 18,511 in 2016);
  • Closed sales volume is up 6.13 percent ($3,490,135,038 in 2017 versus $3,288,571,705 in 2016);
  • Average sale price is up 2.59 percent ($182,262 in 2017 versus $177,655 in 2016); and
  • Home listings are down 0.12 percent (22,313 units in 2017 versus 22,339 in 2016).

"The market continues to show strength despite low inventory," said Croushore. "We would like to see our supply of homes grow over the next few months before winter weather arrives."

Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.

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