Loading Content...
Central Northside: Rising Home Values and Market Dynamics in Pittsburgh's Vibrant Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Central Northside, a vibrant neighborhood in Pittsburgh, Pennsylvania, has experienced significant changes in its housing market over the past decade. Known for its diverse community and historic architecture, this area has seen notable shifts in homeownership rates and housing prices. The neighborhood has witnessed a general trend of increasing average home prices, accompanied by rising average rent prices. Homeownership percentages have shown fluctuations, with a slight overall increase in recent years.
The relationship between homeownership rates and average home prices in Central Northside has been dynamic. In 2013, the homeownership rate stood at 41% with an average home price of $174,673. By 2022, the homeownership rate increased to 43%, while the average home price rose significantly to $348,195. This represents a 99.3% increase in average home prices over this period, while homeownership rates remained relatively stable with a slight upward trend. The most substantial jump in homeownership occurred between 2021 and 2022, rising from 40% to 43%, despite a 7.4% increase in average home prices during the same period.
Federal interest rates have played a role in homeownership trends in Central Northside. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 41%. As interest rates gradually increased to 1.83% by 2018, homeownership dipped slightly to 38%. However, when interest rates dropped sharply to 0.08% in 2021, homeownership rebounded to 40%. The subsequent rise in interest rates to 1.68% in 2022 coincided with an increase in homeownership to 43%, suggesting other local factors may have influenced this trend.
Renter percentages and average rent prices in Central Northside have shown a correlation over the years. In 2013, 59% of residents were renters, with an average rent of $666. By 2022, the renter percentage decreased slightly to 57%, while the average rent increased to $947, a 42.2% rise. The highest renter percentage was observed in 2015 and 2020 at 63%, coinciding with average rents of $712 and $947 respectively. Despite fluctuations in the renter population, average rent prices have consistently increased year over year, indicating a growing demand for rental properties in the area.
In 2023, the average home price in Central Northside reached $354,476, a 1.8% increase from 2022, while federal interest rates rose to 5.02%. Moving into 2024, the average home price further increased to $369,135, representing a 4.1% growth from 2023. Concurrently, federal interest rates slightly increased to 5.33%. These figures demonstrate a continued upward trend in home values despite higher interest rates, suggesting strong demand in the local real estate market.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Central Northside will continue to rise over the next five years, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,100 per month within the same timeframe. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, Central Northside has experienced significant growth in both average home prices and average rent prices over the past decade. Homeownership rates have shown resilience, even increasing slightly in recent years despite rising home prices. The neighborhood's ability to maintain a balance between owners and renters while experiencing substantial property value appreciation suggests a strong and desirable local real estate market.
