Pittsburgh Real Estate Market Analysis

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Pittsburgh Real Estate Market Performance

Illustration CityPittsburgh, PA
Homes For Sale
14
Average Rental Income
$1,629
Traditional
$2,532
Airbnb
Investment Properties
341
Traditional
1,911
Airbnb
Occupancy Rate
93%
Traditional
56%
Airbnb
data trendsOptimal Strategy
Airbnb
logoDiscover Pittsburgh

Nestled in the heart of Pennsylvania, Pittsburgh is a city rich in history and culture, offering a vibrant backdrop for real estate investment. Known as the "Steel City," Pittsburgh's industrial past has given way to a diverse and dynamic economy. The city boasts a unique topography, characterized by rolling hills and the confluence of three rivers, which has shaped its neighborhoods and housing styles.

Pittsburgh's cultural tapestry is diverse, featuring a mix of ethnic neighborhoods, each with its own charm and character. These areas offer a range of housing options, from Victorian-style homes in areas like Lawrenceville to modern condos in the bustling downtown. The city is also home to a number of universities and colleges, making it an educational hub in the region.

The city's economy has seen a significant shift from heavy industry to technology, finance, and healthcare, attracting a young and dynamic workforce. This economic transformation has positively impacted the real estate market, with a growing demand for both residential and commercial properties.

Pittsburgh's quality of life is another draw for investors and residents alike. The city boasts numerous parks, museums, and cultural institutions, along with a burgeoning food scene and lively entertainment options. Its affordability, compared to other major US cities, makes it an attractive location for families and young professionals.

In summary, Pittsburgh's rich history, diverse neighborhoods, economic growth, and vibrant lifestyle make it an appealing and promising location for real estate investment. The city's unique blend of traditional charm and modern development creates a myriad of opportunities for investors looking to tap into the Pittsburgh housing market.

53%
Mashmeter
Dynamic market opportunity score
Cash on Cash Return
6%
Traditional
7%
Airbnb
Cap Rate
8.85%
Traditional
12.62%
Airbnb
Median Property Price$199,000Average Price/Sq.Ft.$433Average Days on Market188Price to Rent Ratio16Market State

Seller’s market

Homes for Sale in Pittsburgh

Find Properties
2936 UNIVERSAL RD
Pittsburgh, PA 15235
East Hills
Single Family Residential
3 beds1 baths1,196 sq.ft.
CAP RATE
Trad. 5.41%Airbnb 6.28%

Pittsburgh Homes for Sale

Homes for Sale
14

The market for homes for sale in Pittsburgh is currently experiencing a dynamic phase, offering diverse opportunities for buyers and investors. As of the latest data, the inventory of homes in Pittsburgh presents a wide array of choices, catering to various preferences and budgets.

In terms of pricing, the homes in Pittsburgh vary significantly based on location and property type. The average listing price for homes in the city hovers around $250,000, with more luxurious properties in upscale neighborhoods reaching upwards of $500,000. This range underscores Pittsburgh's appeal to both budget-conscious buyers and those seeking premium living spaces.

One notable trend in the Pittsburgh housing market is the rise in demand for properties with additional amenities and outdoor spaces, a shift likely influenced by the ongoing lifestyle changes post-pandemic. Consequently, homes featuring gardens, larger yards, or proximity to parks are seeing increased interest and competitive pricing.

Buyers are also showing interest in Pittsburgh's historic homes, which offer a unique blend of classic architecture and modern living. These properties, often located in well-established neighborhoods, are not just living spaces but also investments in the city's rich cultural heritage.

In summary, the market for homes for sale in Pittsburgh is diverse and dynamic, with a range of options from affordable single-family homes to high-end properties. The current trends indicate a healthy demand for properties with unique features and amenities, making the city's housing market an attractive option for a variety of buyers and investors.

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Best Neighborhoods in Pittsburgh for Buying Investment Property

Identifying the best neighborhoods in Pittsburgh for investment property purchases is key for investors looking to maximize returns. Several areas stand out due to their growth potential, rental demand, and property appreciation rates.

Lawrenceville is a top choice, known for its vibrant arts scene and bustling main street. The area's property values have been consistently rising, with a diverse mix of historic homes and new developments attracting a mix of young professionals and families.

Squirrel Hill, another prime neighborhood, offers stability and strong demand, thanks to its proximity to universities and major employers. This area is known for its well-maintained properties and strong community feel, appealing to long-term renters.

The South Side is also notable for its investment potential. This neighborhood, with its lively entertainment district, appeals to younger renters and has seen significant redevelopment in recent years, leading to increased property values.

For those seeking more affordable options, neighborhoods like Bloomfield and Greenfield offer potential. These areas are experiencing gradual growth and revitalization, making them smart choices for investors looking for properties with room for appreciation.

In summary, Pittsburgh's diverse neighborhoods provide a range of investment opportunities. From bustling urban districts to quieter, family-friendly areas, the city offers a variety of settings that can cater to different investment strategies and objectives.

Neighborhood Analysis in the Pittsburgh Real Estate Market

Hazelwood
Pittsburgh, PA
102%
Mashmeter
property price
179900
Median
cap rate
9.22%
Traditional
14.77%
Airbnb
rental income
$1,382
Traditional
$2,215
Airbnb
homes for sale
0
occupancy rate
51%
Airbnb
Knoxville
Pittsburgh, PA
97%
Mashmeter
property price
96800
Median
cap rate
14.85%
Traditional
28.72%
Airbnb
rental income
$1,198
Traditional
$2,317
Airbnb
homes for sale
3
occupancy rate
55%
Airbnb
Upper Hill
Pittsburgh, PA
96%
Mashmeter
property price
74467
Median
cap rate
23.36%
Traditional
41.65%
Airbnb
rental income
$1,449
Traditional
$2,585
Airbnb
homes for sale
0
occupancy rate
60%
Airbnb
Elliott
Pittsburgh, PA
96%
Mashmeter
property price
148360
Median
cap rate
9.95%
Traditional
21.15%
Airbnb
rental income
$1,230
Traditional
$2,615
Airbnb
homes for sale
0
occupancy rate
52%
Airbnb
Garfield
Pittsburgh, PA
95%
Mashmeter
property price
329900
Median
cap rate
5.33%
Traditional
10.02%
Airbnb
rental income
$1,464
Traditional
$2,754
Airbnb
homes for sale
0
occupancy rate
61%
Airbnb

Pittsburgh Rent Prices

RENTAL STRATEGY STUDIOS 1 BEDROOM 2 BEDROOMS 3 BEDROOMS 4 BEDROOMS
Airbnb$2,084$1,799$2,235$2,817$3,331
Traditional$1,151$1,085$1,382$1,808$2,055

Pittsburgh Property Trends

trends

The Pittsburgh property market is exhibiting compelling trends that signal both challenges and opportunities for investors. In recent times, the city has witnessed a significant shift in its housing dynamics, marked by evolving consumer preferences and economic factors.

One of the key trends is the gradual increase in property prices, reflecting a healthy demand. The median home price in Pittsburgh now stands at around $225,000, marking a notable increase over the past year. This upward trend is indicative of the city's growing appeal, yet it still remains more affordable than many other U.S. cities.

Another trend reshaping the Pittsburgh property landscape is the increasing demand for suburban homes. With the rise of remote work and a growing emphasis on space and comfort, areas outside the city center are seeing heightened interest, particularly from families and remote workers. This shift is influencing both the sales and rental markets, with suburban properties experiencing a quicker turnover and higher appreciation rates.

Investors should also note the rental market's resilience in Pittsburgh. Despite economic fluctuations, rental demand remains strong, particularly in neighborhoods close to universities and major employment hubs. Current rental yields average around 7%, making Pittsburgh an attractive market for those seeking stable rental income.

In conclusion, Pittsburgh's property trends are marked by rising prices, a pivot towards suburban living, and a robust rental market. These factors, combined with the city's ongoing economic diversification, paint a picture of a dynamic market that offers a range of opportunities for informed real estate investors.

Pittsburgh Real Estate Appreciation and Property Values

The Pittsburgh real estate market has shown a remarkable trend in terms of appreciation and property values, making it a focal point for investors and homeowners alike. Over the past year, Pittsburgh has experienced a steady appreciation in property values, reflecting the city's growing economic stability and appeal.

Current trends indicate an average annual appreciation rate in Pittsburgh's real estate of around 4-6%. This rate outpaces many other cities in the region, highlighting Pittsburgh's growing reputation as a sound investment destination. The sustained increase in property values can be attributed to factors such as the city's economic diversification, investment in infrastructure, and the influx of new businesses and residents.

The appreciation rates are particularly notable in certain neighborhoods, where redevelopment and community investments have boosted property values significantly. Areas undergoing revitalization or near key amenities like public transportation, parks, and cultural centers are seeing the highest appreciation rates.

For potential investors and buyers, understanding these appreciation trends is crucial. While the overall market shows positive growth, specific areas offer more substantial returns on investment due to their unique characteristics and development potential.

In essence, the Pittsburgh real estate market, with its steady appreciation and healthy property values, presents a promising landscape for those looking to invest in property. The city's diverse neighborhoods, each with its own trajectory of growth, offer a range of opportunities to capitalize on the upward trend in property values.

Pittsburgh Homes for Sale Below Median Price

Find Properties
2936 UNIVERSAL RD
Pittsburgh, PA 15235
East Hills
Single Family Residential
3 beds1 baths1,196 sq.ft.
CAP RATE
Trad. 5.41%Airbnb 6.28%

Airbnb Calculator for Investment Properties in Pittsburgh

The Airbnb Calculator is an indispensable tool for investors targeting the Pittsburgh Airbnb market. It provides a detailed financial analysis for investment properties, specifically tailored to the nuances of Pittsburgh's market. This tool calculates potential earnings by considering key factors such as average daily rates, occupancy levels, seasonal demand, and ongoing operational costs in Pittsburgh's diverse neighborhoods.

Investors can enter data like purchase price, renovation costs, and expected nightly rate to gauge the viability of a property as a short-term rental. The calculator offers insights into potential return on investment, helping to identify properties that align with investment goals. By leveraging this data-driven approach, investors can make more informed decisions, maximizing their success in the thriving Pittsburgh Airbnb market.

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Pittsburgh Airbnb Occupancy Rate

Understanding the Pittsburgh Airbnb occupancy rate is crucial for investors and hosts in the short-term rental market. Recent data indicates that the average occupancy rate for Airbnb properties in Pittsburgh hovers around 60-70%. This rate is influenced by various factors including seasonality, location, and the type of property offered.

Seasonal trends play a significant role, with higher occupancy rates observed during summer and fall, coinciding with tourist peaks and university events. Key areas like Downtown, East End, and neighborhoods near major attractions and universities typically experience higher occupancy rates due to their prime locations.

The type of property also impacts occupancy rates. Unique or well-appointed homes, especially those offering local charm or proximity to popular sites, tend to have higher occupancy. Conversely, standard listings in less central areas might see lower rates.

Investors should note that while the overall occupancy rate is a useful indicator, specific performance can vary greatly based on location and property features. Staying informed about these trends and tailoring properties to meet market demands can significantly impact the success of Airbnb ventures in Pittsburgh.

Airbnb Occupancy Rate Calculator
Pittsburgh Airbnb Occupancy Rate by Number of Bedrooms

Top Pittsburgh Airbnb Properties

Find Properties
Entire home/apt · 1 bed
Lowrie studio - chic & bright
640

Pittsburgh Airbnb Investment Analysis

In recent years, Pittsburgh has emerged as a lucrative market for Airbnb investments, buoyed by its growing tourism and vibrant cultural scene. An analysis of the current market reveals that short-term rental properties in Pittsburgh are gaining popularity, offering attractive returns for savvy investors.

The average daily rate for an Airbnb rental in Pittsburgh ranges from $120 to $180, with higher rates achievable in prime locations like Downtown, South Side, and near major attractions or universities. Occupancy rates average around 60-70%, influenced by seasonal variations and city-wide events.

Investors in the Pittsburgh Airbnb market should note the importance of location and property type. Properties with unique features, such as historic charm or modern amenities, tend to perform better in terms of occupancy and rates. Additionally, proximity to landmarks, business districts, or entertainment venues can significantly enhance a property's appeal to short-term renters.

Regulatory aspects are also crucial in this market. While Pittsburgh currently supports short-term rentals, staying informed about local regulations and community standards is important to ensure compliance and maintain good relationships with neighbors.

In conclusion, Airbnb investment in Pittsburgh offers promising prospects, with the potential for high yields in strategically chosen locations and properties. However, success in this market requires careful analysis of factors like location, property type, and regulatory compliance, making informed decisions key to maximizing returns on investment.

Airbnb Growth and Regulations in the Pittsburgh Real Estate Market

trends

The Airbnb sector within Pittsburgh's real estate market has seen remarkable growth, reflecting the city's increasing appeal as a tourist and business destination. This surge in short-term rentals, however, is coupled with evolving regulations that investors and hosts need to navigate.

Currently, the number of Airbnb listings in Pittsburgh is on the rise, with a significant year-over-year increase. This growth is partly fueled by the city's diverse attractions, including its cultural events, sports venues, and burgeoning tech scene, which draw a steady stream of visitors.

In response to this growth, Pittsburgh has implemented regulations to ensure that the expansion of short-term rentals aligns with the city's housing and community needs. These regulations include requirements for obtaining a rental license, adhering to safety and health standards, and paying applicable taxes. Additionally, some neighborhoods have specific guidelines or restrictions, aimed at balancing the needs of residents and short-term visitors.

For potential Airbnb investors, understanding and complying with these regulations is crucial. While the market offers substantial opportunities, the regulatory landscape requires careful attention to ensure legal compliance and sustainable operation. By staying informed and adhering to local laws, investors can capitalize on the growth of Airbnb in Pittsburgh, ensuring their ventures are both profitable and responsible.

Pittsburgh Rental Properties and Rent Prices

Pittsburgh Property Analysis
Rental income
$1,629
Traditional
$2,532
Airbnb
Price To Rent Ratio
16
Cash on Cash Return
6%
Traditional
7%
Airbnb
Cap Rate
8.85%
Traditional
12.62%
Airbnb
Occupancy Rate
93%
Traditional
56%
Airbnb

The Pittsburgh rental market is currently experiencing significant activity, with trends in rent prices and property types offering diverse opportunities for both landlords and tenants. The average rent for an apartment in Pittsburgh is around $1,200 per month, though this can vary widely depending on location, size, and amenities.

Downtown Pittsburgh and neighborhoods close to major universities or employment centers command higher rent prices, averaging between $1,500 to $2,000 per month for a one-bedroom apartment. These areas are popular among young professionals and students, driven by their proximity to work, education, and urban amenities.

Conversely, more suburban or outlying areas of Pittsburgh offer more affordable rental options, with prices ranging from $800 to $1,200 for similar properties. These areas appeal to families or individuals seeking quieter environments or more space, without straying too far from the urban core.

Rental properties in Pittsburgh are diverse, including modern apartments, traditional row houses, and larger single-family homes. The demand for rental properties remains strong, supported by the city's growing population and the steady influx of students and healthcare professionals.

For investors, Pittsburgh's rental market presents a stable opportunity, with consistent demand and the potential for steady rental income. The city's diverse neighborhoods offer various options to cater to different tenant demographics, from bustling city centers to serene suburban settings.

In summary, Pittsburgh's rental properties and rent prices reflect a healthy and dynamic market, with options ranging from high-end downtown apartments to affordable suburban homes. This diversity makes Pittsburgh's rental market attractive to a wide array of tenants, providing a stable investment environment for property owners.

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Traditional Rental Properties in Pittsburgh

trends

In Pittsburgh, the market for traditional rental properties is a significant segment, offering stability and charm to both tenants and investors. These properties, typically consisting of single-family homes, row houses, and classic apartment buildings, are spread across various neighborhoods, each with its unique appeal.

Traditional rental properties in Pittsburgh are often characterized by their historic architecture and community feel, especially in neighborhoods like Squirrel Hill and Shadyside. The rental prices for these properties vary but generally range from $1,000 to $1,800 per month, depending on the size, condition, and exact location. Larger homes or those with updated features can fetch higher rents.

These traditional rentals are particularly popular among families, long-term residents, and those who appreciate the character and history of their living spaces. The demand for such properties remains steady, as they offer a sense of community and a more personalized living experience compared to modern apartment complexes.

For investors, these traditional properties present a unique opportunity. While they may require more maintenance than newer constructions, they also offer the potential for higher tenant retention and a stable rental income. Additionally, many of these properties are located in areas with consistent demand, underpinning their investment value.

Overall, traditional rental properties in Pittsburgh provide a blend of historic charm and steady market demand, making them a valuable component of the city's diverse housing landscape. For both tenants seeking a home with character and investors looking for stable returns, these properties represent a solid choice in Pittsburgh's real estate market.

Pittsburgh Homes for Rent

Find Properties
5972 Alder Street #2
Pittsburgh, PA 15232
Shadyside
Single Family
3 beds2 baths0 sq.ft.

Pittsburgh Transportation

N/A / 100
Car-Dependent
N/A / 100
Minimal Transit
N/A / 100
Somewhat Bikeable

Transportation in Pittsburgh is a key factor for residents and investors, offering a mix of options that cater to different needs. The city's public transportation system, operated by the Port Authority of Allegheny County, includes buses, light rail (commonly known as the 'T'), and inclines, providing comprehensive coverage across the city and its suburbs.

Pittsburgh's unique topography, with its numerous bridges and hilly landscape, influences transit routes and options. The bus system is extensive, serving as the backbone of public transport. The light rail, primarily serving the southern suburbs and the downtown area, is a popular choice for commuters.

Additionally, Pittsburgh is increasingly focusing on sustainable transportation, with bike lanes and pedestrian-friendly initiatives becoming more prevalent. This commitment to diverse and eco-friendly transportation options not only benefits residents but also adds to the city's appeal for potential real estate investors and tenants.

Amenities in the Pittsburgh Real Estate Market

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45 Educational Facilities

Educational Facilities in Pittsburgh

Pittsburgh's educational landscape is rich and diverse, encompassing a wide range of top-rated schools and prestigious higher education institutions. The city's commitment to education is evident in its variety of facilities, catering to different academic and professional aspirations.

Top 5 Schools in Pittsburgh:

  • Pittsburgh CAPA 6-12, School for Creative and Performing Arts
  • Pittsburgh Science and Technology Academy
  • Baldwin High School
  • Fox Chapel Area High School
  • Allderdice High School

Top 5 Colleges and Universities in Pittsburgh:

  • Carnegie Mellon University: Renowned for its programs in science and technology.
  • University of Pittsburgh: A leader in medical and research fields.
  • Duquesne University: Known for its strong business and law programs.
  • Point Park University: Specializes in arts, education, and business disciplines.
  • Chatham University: Offers a diverse range of undergraduate and graduate programs.



These educational institutions not only provide excellent learning opportunities but also contribute to the city's vibrant intellectual community, making Pittsburgh an attractive location for families and students alike.

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25 Banks

Banks in Pittsburgh

Pittsburgh's banking sector is robust, offering a wide range of services to meet the financial needs of residents and businesses. The city hosts a mix of large national banks and smaller local institutions, each providing unique banking solutions.

Top 5 Banks in Pittsburgh:

  • PNC Bank: A major national bank with deep roots in Pittsburgh, offering a full range of services.
  • Citizens Bank: Known for its customer-focused services and extensive branch network.
  • Dollar Bank: One of the largest independent mutual banks in the nation, headquartered in Pittsburgh.
  • First National Bank: A major regional bank offering comprehensive financial services.
  • KeyBank: A large, national bank with a strong presence in Pittsburgh, providing a variety of banking products.



These banks play a vital role in Pittsburgh’s financial landscape, supporting personal and business banking needs. Their presence reflects the city's economic stability and growth potential, making Pittsburgh an attractive location for investment and development.

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249 Healthcare Facilities

Healthcare Facilities Pittsburgh

Pittsburgh is home to some of the nation's top healthcare facilities, offering advanced medical care across various specialties. The city's healthcare system is renowned for its high-quality services, research, and patient care.

Top 5 Hospitals/Healthcare Centers in Pittsburgh:

  • UPMC Presbyterian Shadyside: A leading hospital known for its comprehensive care and research facilities.
  • Allegheny General Hospital: Offers a wide range of services with state-of-the-art facilities.
  • UPMC Children's Hospital of Pittsburgh: Nationally recognized for pediatric care.
  • West Penn Hospital: Known for its exceptional maternity services and comprehensive care.
  • St. Clair Hospital: A top-rated community hospital providing a range of medical services.



These healthcare institutions not only serve the Pittsburgh community but also attract patients from across the region, reflecting the city's status as a center of medical excellence.

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Real Estate Market Analysis for Investment