Over the last 7 years the housing market has seen its fair share of ups and downs. From the real estate boom where the market peaked in 2006, to the crash of 2007, the market has slowly recovered and is projected to get better in 2013. One place the housing market crash did not extend to was Pittsburgh, due to a number of reasons.
Pittsburgh real estate includes a wide range of pricing that can suit almost any budget, according to a recent pricing study conducted by Trulia. Recently, Marcellus Shale began driling outside of Pittsburgh, creating thousands of jobs and increasing the demand for single family housing. One of the benefits to living in Pittsburgh is the fact that natural gas drilling was banned in 2010, thus creating a city ideal for those commuting to the newly created job market of drilling.
Forbes suggests we will see a price increase of 5% in 2013, making now a better time to buy before prices increase.
November’s existing home sales rose 5.9 percent over October and are 14.5 percent higher than sales in November 2011, according to the National Association of Realtors (NAR). NAR says existing home sales are at the highest level they’ve been since November, 2009.
Building plans have not slowed for home builders in Pittsburgh, as developers continue to build neighborhoods to keep up with the booming job market created by many new companies coming to the city. Google recently acquired offices in Pittsburgh, creating thousands more jobs in an economy that needed some help.
Real estate in Pittsburgh will continue to grow as more job opportunities in 2013 develop and the need for housing increases. The sooner you buy in 2013, the more likely you are to save on real estate.
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