The Pittsburgh real estate market has taken off since its recovery began around two years ago. Across the country the Millennial generation (ages 18-34) make up the largest buyer pool and the latest forecasts predict "Pittsburgh to be the second most popular city for Millennials in 2016". This is probably due to the fact that the Pittsburgh real estate market is already very affordable, also showing strong signs of employment growth.
According to Jonathan Smoke, chief economist at Realtor.com, affordability is the main driver attracting Millennials. As recently as January, the median listing price for a home in Pittsburgh metro was $144,000, which was considerably less than the national average: $228,000.
“This trend should continue as the demographic drivers and economics trends will favor millennials dominating the growth in the local housing market for many years,” Smoke said. “As long as the economy continues to grow and mortgage rates remain low by historical standards, the catalysts will remain in place to keep real estate hot in Pittsburgh.”
Much like the rest of the country, Pittsburgh is on the mend, but Millennials will look to change the state of Pittsburgh real estate from average to exceptional. An infusion of young buyers should be enough to improve market conditions.