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Selling at list price seems sort of fine, doesn't it? Does Pittsburgh have a high rate of vacant homes?
For me the key is how long homes stay on the market in Pittsburgh (63 days, the longest among cities), which implies that there is an oversupply of available homes. The average Pittsburgh home is also selling below list price, which also implies either an oversupply, or being overpriced. Charlotte and Cleveland homes also stay on the market for a high number of days.
In 2020, Pittsburgh had a vacancy rate of 11.4%, higher than the national average of 9.7%, and much higher than Charlotte (6.4%) and the central midwest cities. Pittsburgh vacancy was about average of the range for Rust Belt cities.
For me the key is how long homes stay on the market in Pittsburgh (63 days, the longest among cities), which implies that there is an oversupply of available homes. The average Pittsburgh home is also selling below list price, which also implies either an oversupply, or being overpriced.
Not necessarily true if the pool of inventory is heavily skewed towards fixer-uppers, homes in bad locations, or a general "mismatch" between inventory and the types of homes buyers want or need.
Homes selling for below list prices is now very much the norm across the US, given interest rates that are still on the climb.
Quote:
Originally Posted by RocketSci
In 2020, Pittsburgh had a vacancy rate of 11.4%, higher than the national average of 9.7%, and much higher than Charlotte (6.4%) and the central midwest cities. Pittsburgh vacancy was about average of the range for Rust Belt cities.
I'd surmise that a higher share "Rust Belt" city housing is in more dire need of major repairs/renovation, which is a major driver of vacancy. Nevertheless, these kind of properties can inflate vacancy rates and don't necessarily reflect demand for non-substandard housing.
With so many apartments being constructed in these cities, one would believe as needs change, people will eventually need a house later on. My daughter and her husband now are house shopping after living in an apartment for a number of years.
She has at least three friends in similar situations. Out with apartments, in with a house. Charlotte had been building apartments all over the metro like crazy. One has to drive into the neighborhoods to see that there is in fact, a major housing boom occurring as well.
The things interest rates will do to stabilize a market….
If someone can afford a $2800 p/month mortgage as a buyer, interest rates now cut into their principal (and PMI for many new buyers) by $500 more than they did 12 months ago.
Buyers will find a way to purchase a house, and it’s clear they’ll find a metro that can accommodate.
I’d assume the rust belt metros are seeing a more regional influx of buyers, while cities like Charlotte pull from up and down the east coast and Midwest. But the principal is the same.
Nashville, to me, is proving its staying power like Austin did last decade. Despite growing COL, it’s a place people want to be.
I’d assume the rust belt metros are seeing a more regional influx of buyers, while cities like Charlotte pull from up and down the east coast and Midwest. But the principal is the same.
What's interesting is that, at least as far as Redfin searches are concerned, Pittsburgh, as an example, has drawn more interest from Los Angeles and San Francisco than Philadelphia. DC and NYC are its top markets for outside interest: https://www.redfin.com/city/15702/PA...rket#migration
The intensity (i.e., number of searches) of interest from high-cost Northeast Corridor or West Coast markets focused on either Pittsburgh or Cleveland honestly aren't that dissimilar to Charlotte, which probably isn't what many would presume on this forum:
What's interesting is that, at least as far as Redfin searches are concerned, Pittsburgh, as an example, has drawn more interest from Los Angeles and San Francisco than Philadelphia. DC and NYC are it's top markets of outside interest: https://www.redfin.com/city/15702/PA...rket#migration
The intensity (i.e., number of searches) of interest from high-cost Northeast Corridor or West Coast markets focused on either Pittsburgh or Cleveland honestly aren't that dissimilar to Charlotte, which probably isn't what many would presume on this forum:
Pittsburgh already has the same COL as Philadelphia without any of the great things of Philadelphia lol. When I first saw Anthony Bourdain hyping up Pittsburgh back in the 2010s I knew the city would become popular, not surprised the housing market there is expected to heat up
Does this mean there's an increase in people moving to Cleveland and Pittsburgh? Or are most of them buying locally?
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