Average Home Listing Price in Southwestern PA Grows Exponentially

Jul 13, 2015, 07:30 ET from West Penn Multi-List, Inc.

PITTSBURGH, July 13, 2015 /PRNewswire/ -- This summer is heating up, and residential real estate is no exception with all major indicators on the rise. The average listing price of homes skyrocketed from last year at this time, according to the June 2015 residential real estate report from West Penn Multi-List, Inc.

"Home listings, prices and closings all have improved, but we are seeing significant growth in the average listing price compared to last year," said Tom Hosack, current president of the West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh. "The estimated value, listing price and sale price for homes are comparable. Buyers are taking advantage of the low interest rate on mortgages and houses are moving off the market more quickly than they were in June 2014."

A comparison of June 2014 and June 2015 data shows:

  • New listings increased 3.58 percent (4,603 properties in June 2014 versus 4,768 in June 2015);
  • Average listing price increased 25.52 percent ($192,000 in June 2014 versus $241,000 in June 2015);
  • The total number of units that closed sale during the month increased 11.17 percent (2,749 in June 2014 versus 3,056 in June 2015); and
  • The sum of prices for all residential properties that closed during the month increased 15.4 percent ($514.4 million in June 2014 versus $593.6 million in June 2015).

Listing data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland Counties. For more information, visit http://www.westpennmls.com/.

CONTACT: Kristen Laney O'Toole

SOURCE West Penn Multi-List, Inc.