Pittsburgh is #1 for First Time Home Buyers

The Pittsburgh real estate market continues to be strong market for first time home buyers for a variety of reasons. According to an August 2014 study done by Zillow, Pittsburgh ranked #1 for first time home buyers and #5 of 10 of top buyers markets in the country. Other markets that did well are Cleveland, Philly, Tampa, Chicago, Cincinnati, New York, Detroit, St Louis and Baltimore.

There are 5 main factors to consider when evaluating the strength of any market. These factors are: market popularity, home prices, amount of inventory and time on the market and employment rates. Pittsburgh is strong in all of these areas. There is growing demand for homes especially first time home buyers in the 24-35 year range. Pittsburgh was experiencing a population decline the past many years. Many other real estate markets experienced an increase in demand and this helped to artificially drive up the value of homes in many parts of the country. Pittsburgh’s population decline actually helped to protect the housing market from overly inflated prices that were seen in many other areas of the country. There is strong demand from 24-35 year old professionals looking to put down roots here in Pittsburgh. Factors like low interest rates, a strong outlook for the economy, higher paying jobs from companies like Google and a growing population of first time buyers. It’s great to see Pittsburgh real estate market showing up time and time again on the national.

For more information about purchasing a first home or investment property in Pittsburgh please contact Keller Williams, The Caplan Group to assist with your real estate needs.