(PITTSBURGH) Aug. 30 Mayor Luke Ravenstahl today cited a housing and real estate report released by South Side-based real estate analysts, RealSTATs, that indicated that Pittsburgh has one of the best housing markets out of the 404 regional communities studied.
“To see Pittsburgh at the top of the list out of over 400 competing communities is remarkable,” said Ravenstahl. “These numbers tell us that our strategy to drive more residential development Downtown and into more neighborhoods is working.”
According to the report, last year families spent over $3.7 billion buying over 20,000 homes in the 404 communities within the five counties of Allegheny, Beaver, Butler, Washington and Westmoreland. Real estate and data analysis experts at RealSTATs identified top performing communities based on eight factors, including: home price appreciation, number of home sales and increase in number of home sales.
While the overall winner was Adams Township, the City’s Second Ward – which is comprised of Downtown and part of the Strip District – was awarded the 2012 Metropolitan Pittsburgh Silver Medal. Pittsburgh took the Gold Medal in median home price percentage appreciation and the bronze in the increase in number of home sales from years 2000-2011.
Six Pittsburgh wards comprising neighborhoods in the Northside, South Side, Downtown and Lawrenceville were at the top of the list in the average home price annual percentage appreciation, measured from 2000 to 2011.
Under the Mayor's leadership, the City's Urban Redevelopment Authority (URA) has invested in affordable and market-rate housing projects in many City neighborhoods, including the aforementioned wards. In addition, the Mayor's Tax Abatement program has driven more residential investment in neighborhoods, especially Downtown.
"The URA invests wisely into housing projects that will spur a great deal of private investment," Ravenstahl said. "For example, our effort to renew the Garden Theater Block in the Central North Side has resulted in over $12 million in new neighborhood housing, commercial and retail projects."
Friday, August 31, 2012
Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687