Pittsburgh leads affordability, Austin inventory surges

by Jonathan Delozier

A new HousingWire Data deep-dive confirms widening affordability gaps and rising inventory in previously constrained markets — as well as strong regional patterns that favor the South for balance and the Midwest for price relief.

Pittsburgh continues to stand out as the nation’s most affordable major metro, with a median list price of $240,000. Its price-per-square-foot of $167.55 also positions it well below national averages.

Despite that affordability, the market is far from sluggish.

Pittsburgh posts a 35.5 Market Action Index (MAI), placing it in seller-leaning territory as the market carries just 2.5 months of inventory.

MAI is HousingWire Data’s proprietary measure of market heat that ranges from 0–100 and gauges the balance between supply and demand.

Deb Reddick, a Realtor at Pittsburgh-based REMAX 360 Realty, noted that demand is supported not just by low prices, but by strong fundamentals in the region.

“One of the reasons people move here is we have excellent medical facilities, that makes people want to be here and it makes them feel like they’re in good hands,” she said. “We’re not seeing prices climb as high here as other places, and it’s hard to point to one or a few reasons why that is.

“We’ve had a lot of building and improvement lately, too. The roads make it so if you live just outside of downtown, it’s not hard to get in. It’s all tied together nicely.”

The metro also reports a strong 10.2% weekly absorption rate — the highest among key metros reviewed — and a 4.4% year-over-year price gain, signaling healthy and sustainable appreciation.

Homes average 63 days on market, and nearly half of active listings take price cuts, yet sellers still maintain leverage due to tight supply.

Reddick adds that Pittsburgh’s growth has remained measured in part because home values started from a lower base.

“Well, I think, honestly, they were lower to begin with, and with them climbing they’re not keeping in line with the other cities,” she said. “We’ve also had a lot of new building and construction — a lot of new high rises and condos.”

Austin’s inventory surge

Austin, Texas, once among the most supply-constrained markets in the country, now posts one of the strongest inventory totals in the analysis with 10,867 active listings.

With 505 new listings added each week, Austin’s supply pipeline remains robust.

Inventory is up 19.1% year-over-year — the sharpest increase among major metros.

Despite a recent 5.1% price dip, the market operates at a balanced MAI of 33.1, suggesting buyers have more choice than they did during the pandemic boom but still face competitive conditions.

Matt Menard, broker-owner at ERA Real Estate Experts in Austin, notes how stark the shift has been from pandemic-era scarcity

“We were certainly one of the hottest markets in the country during COVID, and during that period of time, we had an inordinate amount of growth and appreciation,” he said. “There was a time when our inventory levels were about a half a month or less, and then now we’re pushing five months of inventory and 80-plus days on the market.”

Homes average 84 days on market and price-per-square-foot sits at $225.03.

Menard emphasized that despite the cooling, the market remains active and offers opportunity.

“We’re still seeing a relatively good sales pace,” he said. “Inventory is just hanging out there. The number of sales are still relatively strong. We’re just seeing properties take a little bit longer to sell, and I think for buyers, it represents an incredible environment.

“It’s a chance to buy when the market is much more forgiving. I’m telling buyers that it’s kind of like a Black Friday sale this quarter, and people are going to look back in a year or two and wish they had bought real estate during this time period.”

Cape Coral–Fort Myers tops in supply

Cape Coral–Fort Myers stands out for its unusually high inventory relative to demand conditions.

With 7,910 active listings — the 15th highest total nationally — the market is firmly in buyer-friendly territory at an MAI of 27.0.

Its 4.6 months of inventory is the highest among the major markets reviewed, giving buyers substantially more leverage than in tight coastal metros.

Year-over-year prices have adjusted downward by 6.4%, and homes stay on the market for an average of 119 days, one of the longest timelines.

West Coast, Midwest affordability opposites

Los Angeles remains the least affordable major metro in the country with a median price of $1,429,500 — roughly 703% higher than Pittsburgh. The metro commands an extraordinary $703.19 price-per-square-foot, more than doubling most markets analyzed.

Despite slight price softening, Los Angeles posts a strong seller MAI of 42.8 and has the tightest inventory conditions among major metros at just 1.8 months of supply.

HousingWire Data confirms that 10 of the top 25 most affordable metros are located in the Midwest, more than any other region.

The region posts the lowest average median price nationally at $311,937 and the strongest market activity with an average MAI of 39.3.

Metros such as Danville, Ill.; Decatur, Ill.; Saginaw, Mich.; and Peoria, Ill. all rank among the country’s most affordable, with many median prices falling below $170,000.

Finding balance in the South

The South — which contains 129 metros in the HousingWire’s data — continues to deliver the strongest combination of affordability and market balance.

The region’s average median price of $362,244 ranks as the second most affordable nationwide, and its average MAI of 32.3 suggests generally buyer-friendly conditions.