Kelly Hanna Riley, Vice President and Regional Manager of the Pennsylvania North Region at Howard Hanna Real Estate Services, was recently interviewed for a Bloomberg.com article highlighting housing demand and prices in cities.
The article explains that “real estate demand is booming in downtowns across America” in 2021, with exceptions such as New York and San Francisco:
Home prices in urban U.S. markets rose 15% in the three months through late January, slightly ahead of the annual pace in suburbia, according to data from brokerage Redfin, based on geographic designations developed by the Census Bureau. It’s a shift from early in the pandemic, when prices were lagging behind outer areas or even falling, a sign that Covid-19 vaccines are helping to fuel demand as nightlife makes its return.
The article goes on to detail the demand in different cities, including Pittsburgh, which Riley comments on:
Buyers looking in Pittsburgh have changed their preferences during the pandemic, paying a premium for yards and larger houses, said Kelly Hanna Riley, vice president of residential sales at Howard Hanna Real Estate Services.
“Buyers in the city have to be ready to go — they can’t pause,” she said. “They have to know they might go over asking price.”