🏡 Brick, Rates, & Wine: This Week in Pittsburgh Real Estate

🏡 Real Estate Revelations
June 20, 2025 Edition | Read Online

The U.S. Open is officially a wrap—but the market’s story isn’t over. Inventory took a dip, buyer activity cooled, and price reductions ticked up. While mortgage rates nudged slightly lower, they're still hovering near uncomfortable highs. Translation? Sellers need to lead with strategy, not nostalgia.

If you're new here, I’m Pittsburgh’s Go-To Realtor, Expert in Luxury Homes & Strategic Real Estate Solutions, and someone who’s proud to combine small-town roots with big-city results. Over the years, I’ve sold millions of dollars worth of real estate, met some incredible people, and had the privilege of helping them buy and sell some truly amazing properties.

Inside: a killer 6-bed home straddling Bloomfield and Oakland, a fast-paced market breakdown, your weekend event lineup (including Juneteenth celebrations and Wine Fest), and one bonus bite from a Pittsburgh favorite that’s as cool as the ice cream it scoops.

Let’s get into it. ⬇️

🏡 Standout Property of the Week

161 Morewood Ave | $700,000 | 6 Bed / 4 Bath
View Listing →

📍 Location, Location… Bloomfield-ish!
Technically Oakland, but this home sits right on the cusp of Bloomfield—so you get all the benefits of central city living without the college noise and chaos.

🧱 Raw, Real Character
What makes this place truly special? The exposed brick throughout. It’s bold, timeless, and pairs perfectly with sleek black cabinets, quartz counters, and modern industrial lighting. A full gut renovation in 2023 brought new life to this 3-story stunner.

🛏️ Room for Everything—and Everyone
With six bedrooms, four full baths, and multiple living spaces across three levels, this home is ideal for large households, work-from-home setups, or even house hacking.

🧼 Plus: Two laundry hookups (main level + basement), a fully waterproofed walk-out lower level, a private fenced-in yard, and newer mechanicals, windows, and roof—all replaced in 2023.

🛋️ Current Use
It’s been a successful Airbnb, but it’s move-in ready as a forever home or long-term rental, too.

📆 Catch the Open House:
Saturday, June 21 | 11am–1pm

🏦 Mortgage Rates: Slight Dip, but Still Elevated

Rates were mostly flat this week with a very slight drop in fixed products:

💡 Takeaway: We're seeing minor positive movement in MBS prices, but rates remain historically high. Buyers should stay updated on pre-approvals, and sellers must price strategically to stay competitive.

🏘️ Local Market Snapshot – Week-over-Week (7-Day Window)

💵 Sold Homes This Week (527 Total)

• Avg List Price: $322,002

• Avg Sold Price: $320,555

• SP/LP Ratio: 98.56%

• Median DOM: 25 days

📌 Note: While volume cooled slightly, pricing stayed firm — with the median sold price matching the list price. Buyers are clearly willing to pay full ask for well-positioned homes.

📉 What This Means:

Inventory took a dip, pending deals cooled, and price drops ticked up — a sign that buyers are pausing while rates remain sticky. It's not doom and gloom, but sellers need to meet the market head-on. This is a pricing game now, not a waiting game.

🎉 Happening This Weekend in the 'Burgh

Looking for something fun to do between open houses and iced coffees? Here's a roundup of Pittsburgh happenings June 19–22:

✊ Juneteenth Celebration

📍 Downtown Pittsburgh & Mellon Park
🗓 June 19–22 | 11am–10pm daily
Live music, family programming, and a vibrant vendor plaza featuring Black-owned businesses Celebrate freedom, culture, and community.

🎼 Dolly Parton’s Threads: My Songs in Symphony

📍 Heinz Hall
🗓 June 18
A visual-musical journey through Dolly’s greatest hits ←∗∗link"Dolly’sgreatesthits"∗∗← link "Dolly’s greatest hits" with the Pittsburgh Symphony Orchestra. Guest vocalists and immersive storytelling make this a one-of-a-kind experience.

🍷 UnWINEd in the Woods

📍 Turo Family Chiropractic
🗓 June 18
It’s exactly what it sounds like: Wine. A deck. A creek. Trees. Maybe a snack. Minimal effort, maximum relaxation.

🎡 Rossi’s Carnival

📍 Rossi’s Flea Market
🗓 June 19–22
Carnival games, rides, and flea market fun in one nostalgic weekend combo.

🛹 Go Skate Day 2025

📍 One Up Skate Shop
🗓 June 21
Celebrate the global holiday of skateboarding—tricks, events, and culture in full force.

🎶 WYEP Summer Music Festival

📍 Schenley Plaza
🗓 June 21
Pack a blanket and some snacks—live music and local vibes. Family-friendly and 100% free.

🍷 Pittsburgh Wine Fest 2025

📍 Mellon Square
🗓 June 21
The city’s largest wine fest is back—expect wine, cider, beer, live entertainment, and a whole lot of cheers.

TL;DR – Your Pittsburgh Weekend Cheat Sheet

For when you're scrolling at red lights (not that you’d admit it)

• 🔥 Property Spotlight: 161 Morewood Ave — a bold, brick-filled 6-bed stunner near Bloomfield with Airbnb income potential.

• 💸 Rates Dip Slightly: Fixed rates dropped by 0.01%, but affordability is still tight.

• 📉 Market Cooling: New listings, pendings, and solds are down. Price drops are up. Buyers are picky; sellers need to price smart.

• 🎉 Weekend Plans: Juneteenth festivities, WYEP music fest, Wine Fest, Dolly at Heinz Hall, and more local fun around the ‘Burgh.

🍦 Bonus Bite: Millie’s Homemade Ice Cream – New Summer Flavors!

Nothing says Pittsburgh summer like a scoop from Millie’s. Their new seasonal flavors just dropped — including Blueberry Crumble, Lemon Bar, and a collab flavor with Oakmont Bakery (yes, really). Whether you're team cone, cup, or milkshake, this is your official excuse to treat yourself.

Thinking About Buying or Selling?

Let’s chat about how to navigate Pittsburgh’s real estate market. Whether you’re looking to buy, sell, or invest, I’m here to help. Hit reply, or schedule a consultation here: 15 Min Consultation

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Thanks for letting me be a part of your inbox this week! I hope you found these insights helpful, whether you're a curious Pittsburgher, a buyer, a seller, or an investor. As always, I’m here to answer any real estate questions or just chat about the market.

Wishing you a wonderful week ahead,
Tim

Tim Pettigrew
Realtor | eXp Realty
📍 Serving Pittsburgh and Surrounding Areas
📞 412-545-6006 | ✉️ [email protected]
🌐 Visit My Website

Disclaimer:
This email is intended for informational purposes only and is not intended to be a solicitation if your property is currently listed with another broker. All real estate information is deemed reliable but not guaranteed. Please consult a professional for specific advice.

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