Both Pittsburgh’s residential real estate market and commercial real estate market have received praise for their strength in recent days.
Moody’s ranked the Pittsburgh commercial real estate market the best in the nation in its latest survey of the market in 60 metropolitan regions. Back in 2005, it was ranked among the worst for owners of commercial real estate. The honor was covered in both the Post-Gazette and Tribune-Review if you are interested in reading more.
Residential homeowners in Pittsburgh received similar news. ABC News and Forbes, in a joint survey, declared Pittsburgh one of the nation’s 25 strongest housing markets. They expect the market for Pittsburgh homes to bottom in the second half of 2009, and the prices to fall a mere .3% more before reaching that bottom.
Of course, today’s strong real estate markets don’t resemble the price appreciation and frenzy of the boom times. It may be that Pittsburgh has received the praise only because prices haven’t fallen as much as they have in other cities. But even that may be sufficient cause to celebrate given the condition of some of the nation’s housing markets.