CRANBERRY TOWNSHIP, Pa. (KDKA) — Local real estate agents told KDKA the housing market is on fire since the coronavirus shutdown was lifted and businesses reopened.
“This past weekend, there were so many houses that had multiple offers, like 12 to 15 offers on one house,” said Kelly Hanna Riley, the VP of residential sales for Howard Hanna.
Riley said with low-interest rates, low inventory and pent-up buyers, houses are flying off the market.
“I think in Pittsburgh, anything under $300,000 is just not lasting on the market. And we are also seeing a surge on the high end so everything over a million,” Riley said.
When looking at the numbers, Riley said their new deals are up 12.5 percent this month compared to June of 2019. She expects it to be up 24 percent by the end of the month. But what people want in a house is now changing.
“I think after the pandemic, people have really figured out they want space. Could two people be working from home and their children be learning from home?” Riley said.
In order to get that space, a large majority of buyers are moving out of city apartments and into the suburbs, according to Riley. Plus many are requesting neighborhoods with pools, tennis courts and yards.
“I think people are really realizing they enjoy that family time more. That maybe we all were going at such a pace that was so fast and that this is also nice,” Riley said.
While business was down in May by nearly 50 percent, Riley said projections show the company will recoup losses by the end of July.
The booming market could leave some buyers frustrated though. Her advice is to be patient.
“Your agent will get you into the home that’s the right fit for you, just keep plugging along,” Riley told KDKA.