Pittsburg, CA Housing Market

Pittsburg, CA Housing Market Overview

There is a great deal of competition in the Pittsburg, CA housing market. Homes frequently receive 5 offers, with one being accepted in around 19 days. The median sale price for October 2023 was up by 6% from a year ago, reaching $614,000. All signs point to a market gaining momentum after the economic challenges of 2022-23. With only 34 homes sold last month, there is currently a short supply of housing stock, leading to significant competition in this sought-after city, so you will need a trusted real estate agent whether buying or selling.

Detailed Analysis Of Pittsburg, CA Real Estate

Let’s look deeper at the ins and outs of the Pittsburg, CA housing market by analyzing prices and other costs. We will look at pricing and sales trends, the crucial factor of real estate taxes, and the Pittsburg, CA Section 8 housing list.

Pricing And Sales

• List prices versus sale prices
  • The general trend for Pittsburg, CA houses is for sale prices to exceed list prices on average. By mid-2021, the average sale price was 110% of the list price. However, this average dipped below 100% at the end of 2022 and is currently recovering from that slump. The most recent data suggests an average sale price of 101.3% of the list price, indicating that you can expect to have an offer accepted close to the list price in many cases. But there is scope for sellers to get a good offer, so come to us to sell your house fast.
• Homes sold above list price
  • The general trend for Pittsburg, CA houses is for sale prices to exceed list prices on average. By mid-2021, the average sale price was 110% of the list price. However, this average dipped below 100% at the end of 2022 and is currently recovering from that slump. The most recent data suggests an average sale price of 101.3% of the list price, indicating that you can currently expect to have an offer accepted close to the list price in many cases.
• Homes with price drops
  • Though the probability is lower, there is a chance of acquiring a home for less than the list price if you target the right property. Currently, around 35% of homes are selling for less than their list price, demonstrating the nuanced nature of the Pittsburg, CA real estate market. For buyers, preparation is key, so look to educate yourself on everything you need to buy a house and practice patience to find the right opportunity for you.

Tax And Financial Aspects

Property tax in Pittsburg, CA should be high on your list of priorities when considering affordability. It is mandatory for homeowners and is used to raise funds for local infrastructure, schools, and more. The Contra Costa property tax rate reflects that of California, so it stands at 1%, plus special assessments that are in place. The average rate around the county is 1.11%, but check the exact rate for your locale.

If you are intent on buying in the city, you should budget carefully for property tax. Failure to pay could land you with a Pittsburg, CA tax lien compelling you to pay up. Further legal and financial complications can follow, so it is crucial to be in a position to afford this expense.

Section 8 And Affordable Housing

The Pittsburg, CA Section 8 housing list is one program in place for affordable housing in the city. While Pittsburg is not among the most affluent cities in Contra Costa County, house and rent prices there are still above the national average. Section 8 is aimed at helping eligible lower income households by subsidizing their rent, enabling them to live in cities like this.

There is a lot of demand for affordable housing options, so it can be difficult to secure a spot. The Pittsburg, CA community values diversity in its housing market, so there are plenty of residents who look to rent out their homes through Section 8 to increase the availability of affordable housing. If you are eligible, you can apply, but be mindful of the competition for places.

Pittsburg, CA Housing Market Trends

• Median prices of homes for sale in Pittsburg, CA
  • The median sale price of homes in the Pittsburg, CA housing market is currently strong at around $613,000. This is close to the average for the city over the last few years following recovery from the pandemic. There was a slight dip in late 2022, but the current average price suggests the robustness of this market even when the wider economy is not in a good place.
• Number of homes sold in Pittsburg, CA
  • Sales volumes in the Pittsburg, CA real estate market are currently at a low point. While it’s typical for the market to cool off in the fall and winter, this year’s summer activity was below the usual range, with transactions never exceeding 50 compared to the typical 60-70 per month. October 2023 saw only 34 sales, a notably low figure. This trend is likely attributed to high mortgage rates, and an anticipated recovery is expected as rates decrease.
• Median days on market
  • Homes in Pittsburg, CA typically sell rapidly. In 2021, it was common for homes to be off the market in less than 10 days, even reaching as low as 7 at one point. The beginning of 2023 saw a significant increase in the average days on the market, reaching 55 due to economic turmoil. The current average of 19 days marks a welcome return to normality. We believe a recovery is underway in the Pittsburg, CA housing market. Contact us for more information.

How Hot Is The Pittsburg, CA Real Estate?

In the Pittsburg, CA housing market, we observe:

• Long-term rises in house prices
• Short times on the market
• Homes frequently selling above the list price
• 5+ offers on houses that come to market

These are all signs of a hot real estate market, but it came off the boil in 2022 as economic conditions led people to be more cautious with their money. Current trends suggest an upward momentum and we expect the market to return to its normal level in 2024 or 2025. We assist buyers and sellers in achieving their goals, and have helped make fast sales in San Ramon, Martinez, and other hot markets in Contra Costa County. Contact us for the same results.

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Pittsburg, CA Migration & Relocation Trends

Throughout the USA, about 3% of potential homebuyers considered Pittsburg as a destination in the year leading up to October 2023. This reflects the exclusivity of Contra Costa and the Pittsburg, CA housing market, where house prices surpass the national average. Inbound migration is mainly from other parts of California, with Ukiah being a primary source, along with locales like Bloomington, State College, and Jackson. Movement within the city is prevalent, as residents opt for different neighborhoods in this beautiful area.

When people leave Pittsburg, they often remain in California, with many relocating to Sacramento, Los Angeles, and San Diego. Popular out-of-state destinations include Seattle and Portland, suggesting that those leaving Pittsburg are drawn to larger cities.

Popular Neighborhoods In Pittsburg, CA

There are many popular neighborhoods for homebuyers in the Pittsburg, CA housing market. But a few stand out, offering a high quality of life and fantastic amenities. Here are some examples:

• San Marco: Famed for its family-friendly atmosphere, this neighborhood attracts those who seek quiet suburban living with excellent schools and parks.
• Stonestown: An optimal location for commuters, Stonestown has excellent access to highways and public transportation. This is perfect for people who work in nearby cities.
• Montreaux: Known for its upmarket homes, this exclusive neighborhood offers panoramic views of the surroundings landscape.
• Marina Park: If you like waterfront leaving, this neighborhood offers the coastal lifestyle you seek.

We can work with you to explore different neighborhoods and find the right fit for your needs. There are homes for sale all around the city, so you will find no shortage of opportunity.

Amenities Near Pittsburg, CA

You will find plenty of amenities that make the Pittsburg, CA real estate market attractive for homebuyers. Whether you like green spaces, family friendliness, shopping, golf, or boating, there is something for everyone.

• Marina Vista Park: This waterfront park offers recreational activities and a serene atmosphere.
• Pittsburg/Bay Point BART Station: A convenient hub for public transportation, providing access to nearby cities for commuters.
• Century Plaza Shopping Center: A retail hub with rich shopping, dining, and entertainment options.
• Pittsburg Marina: The place to be for people with boat access that enjoy the nautical lifestyle.
• Black Diamond Mines Regional Preserve: This beautiful nature preserve offers hiking trails and historical mining sites.

With these amenities and many more, there is plenty to attract people looking to make a move into the Pittsburg, CA housing market.

Is It The Right Time To Buy Your Dream Home In Pittsburg, CA?

Given the relatively low sales volumes in the city, now may not be the ideal time to enter the Pittsburg, CA real estate market. However, house prices are lower than usual, so there could be potential to get a good price if you are willing to outstrip the competition. Circumstances can change quickly, so come to us for expert, up-to-date insights on the state of housing in Pittsburg.

There is a lot to take into consideration when you are making a decision about buying a home. You should analyze your financial health carefully, preferably with the help of a professional. You must also consider vital aspects in your chosen destination, like:

• Pricing trends
• Market demand
• Interest rates

Contact us to inquire about the Pittsburg, CA housing market and we will work with you to explore your options.

Should You Buy Or Rent A Property In Pittsburg?

The question of buying versus renting in Pittsburg is worth considering. The Pittsburg, CA Section 8 housing list is just one option to explore for assistance with renting in the city. To rent privately, the average rent for a 1-bedroom apartment is currently $2,241, which is quite high. Similarly, house prices are above the national average, so it can be a challenging housing market to get into.

If you have the financial strength, you need to think about your plans. If you know you want to live in Pittsburg for the long-term, buying is definitely the better option as it is an investment and gives you more control over your living conditions. But renting first is a good idea if you want to familiarize yourself with the city.

The Role Of Climate And Its Impact On The Pittsburg, CA Housing Market

Pittsburg, CA boasts a pleasant Mediterranean climate with warm, dry summers reaching temperatures in the high 80s or 90s and mild, rainy winters. This inviting climate is a major draw for prospective homebuyers, providing ample opportunities for outdoor activities, including the common addition of backyard pools.

While the Pittsburg housing market is generally not prone to extreme weather, occasional storms can occur due to its coastal location. Additionally, being in a seismically active region, residents should be aware of earthquake risks, which may impact home insurance policies. Stay informed about necessary precautions and insurance coverage.

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