Home prices are wildly high around Pittsburgh and they are selling (Dormont: sale, real estate market)

[Paul2421]

Originally Posted by gg

No, I was looking under $700K and seeing homes that I thought were over $100K over and they are under agreement. There are homes under agreement that were around $150K a couple years ago and now are over $250K and in the same condition, yet now they sold.

It is a seller's market for sure, at least for our region. Maybe things will keep going up? It seems hard to believe in a way.

Do you have an example of the 150k houses? guessing something else is in play here.

[Knepper3]

Honestly there are many examples. Looking for 5 min in my area I found this. Maybe not those exact numbers but it sold mid 2015 for $189k then again 2019 for $252k. Longer time frame but there was no real change in the home from the 1st to current photos. If I took some time I could find more and in a closer timeframe but honestly most people don't buy and sell 2-3 years later unless flipping (not that they hold that long).



https://www.zillow.com/homes/170-Nor...11405214_zpid/

[PGH423]

Originally Posted by Knepper3

Honestly there are many examples. Looking for 5 min in my area I found this. Maybe not those exact numbers but it sold mid 2015 for $189k then again 2019 for $252k. Longer time frame but there was no real change in the home from the 1st to current photos. If I took some time I could find more and in a closer timeframe but honestly most people don't buy and sell 2-3 years later unless flipping (not that they hold that long).



https://www.zillow.com/homes/170-Nor...11405214_zpid/

Prices are not as badly depressed here as they used to be. $252K is still a quite reasonable price for that 4 bedroom house. It's about the same price as the average US house.

[Knepper3]

I agree, I am not saying homes are as cheap as maybe 12 years ago but anyone who thinks Pittsburgh homes are high must not travel much. There are not many areas I can think of that are within 5-10 miles of a major city where you can still find good housing for 80-150k. jump go 200-250 and you can get a nice home. Taxes? yes higher than many states but still lower than many in the NE

[bradjl2009]

Originally Posted by Knepper3

I agree, I am not saying homes are as cheap as maybe 12 years ago but anyone who thinks Pittsburgh homes are high must not travel much. There are not many areas I can think of that are within 5-10 miles of a major city where you can still find good housing for 80-150k. jump go 200-250 and you can get a nice home. Taxes? yes higher than many states but still lower than many in the NE

Well, this is Western PA we're talking about. An area where many locals have no interest travelling to somewhere not Florida or on the coast between Atlantic City and Myrtle Beach it seems like. It amazes me how many people around here go to the same place every year. Yes, the places along the beach are nice, but considering all there is out there to see, going nowhere for vacation but Ocean City or the Outer Banks would drive me crazy.

[erieguy]

Originally Posted by bradjl2009

Well, this is Western PA we're talking about. An area where many locals have no interest travelling to somewhere not Florida or on the coast between Atlantic City and Myrtle Beach it seems like. It amazes me how many people around here go to the same place every year. Yes, the places along the beach are nice, but considering all there is out there to see, going nowhere for vacation but Ocean City or the Outer Banks would drive me crazy.

Anyone from Western Pa that goes to the places you mentioned that cared to check real estate prices would know how much more costly those areas can be.

I love all the places you mentioned. 5 months in Florida as a snowbird was awesome this past year.

[Doowlle34]

This is the latest high-priced home in Dormont that is causing some disagreement in the community:

https://www.zillow.com/homedetails/1...11571209_zpid/

Some residents have expressed shock at the rise in prices in recent years, while others (including folks in real estate) have suggested that the work here is well-done and that the price is not unreasonable based on comparative sales.

For my money, I quite like this listing, that just hit the market today -- with the only drawback for me being the fact that it only has one bath:

https://www.zillow.com/homedetails/3...11655684_zpid/

[gg]

Keep in mind, I am comparing Pittsburgh to Pittsburgh only a few years ago. I am not comparing it to the big expensive areas, but we could compare it to other rust belt cities I guess.

If you buy a home around $400K, you are looking at a grand a month in real estate taxes in many areas here. Not a lot of people can afford that.

[Goodjules]

I'll chime in to say that the market in Crafton and Ingram is also as the OP described. Almost zero inventory and prices much higher than a few years ago, but still less than similar homes in the trendier eastern neighborhoods. I'm hoping that it causes some much needed investment in nearby Sheraden. That area has been in decline for years. It has good housing stock and is an easy commute to downtown. Who knows, maybe people who are priced out of Crafton will take a chance on some of the better parts of Sheraden?

[PGH423]

Originally Posted by Doowlle34

This is the latest high-priced home in Dormont that is causing some disagreement in the community:

https://www.zillow.com/homedetails/1...11571209_zpid/

Some residents have expressed shock at the rise in prices in recent years, while others (including folks in real estate) have suggested that the work here is well-done and that the price is not unreasonable based on comparative sales.

For my money, I quite like this listing, that just hit the market today -- with the only drawback for me being the fact that it only has one bath:

https://www.zillow.com/homedetails/3...11655684_zpid/

Those are both beautiful houses.