Residential Real Estate

Sources: The Providence Journal; FOX Sports; Mass. Market

As the city of Pittsburgh woke Monday morning to a blanket of fog, which reduced visibility in some places to just a few feet, we were reminded of the 39 – 26 defeat to the New England Patriots on Sunday night, and the anticipated matchup between quarterbacks. Brady (103-32, .763) and Roethlisberger (63-27, .700) rank 1-2 among active quarterbacks in regular-season winning percentage. Counting playoff games, Brady is 117-36 (.765) and Roethlisberger is 71-29 (.710). Six years later, Roethlisberger has won two Super Bowls himself, putting him only one behind Brady.

When it comes to winning, the Patriots and Steelers are the pinnacles of the NFL. The Patriots' .632 winning percentage since free agency began in 1993 is the NFL's best, and the Steelers are second at .627. Brady's .767 winning percentage coming in led all quarterbacks, and Roethlisberger's .700 was second.

Successful football statistics are not the only rankings both cities share. By comparison, neither city would be considered a concrete jungle. There is ample green space in both, and each is very neighborhood oriented, drawing opportunities in both residential as well as commercial real estate.

According to a recent blog post by Mass. Market, Zillow.com’s release of its latest quarterly residential home value report indicates that both Pittsburgh and Boston are the only two among the country’s 25 largest metro areas to see gains in home values from the second quarter of this year to the third. They are also the only two metro areas on the top 25 list where fewer than 10 percent of the single-family homes are underwater (it’s 6.3 percent in Pittsburgh, 9.5 percent in Boston). In the past year, home values have risen 1.6 percent in both the Boston and Pittsburgh markets, by Zillow’s calculations. The health of a local residential real estate market is inextricably linked to the health of the local commercial real estate sector. Fully occupied office buildings, hospitals and stores mean there are still plenty of jobs – and those jobs are the lifeblood of a city’s home values. And, while Pittsburgh and Boston have lost key corporate headquarters over the years, the cities maintain vibrant life sciences and education industries.

Paul Horan, Founding Principal of NAI Pittsburgh Commercial, and native of Boston, Massachusetts reacts, “I am pleased to hear about the similarities that both Pittsburgh and Boston share both on and off the field. I have always admired the city of Boston, its culture, and the economical advances it has made in education, healthcare and technology, but I am most proud to call Pittsburgh my home, because I have been able to be a part of a community that continues to grow and earn extraordinary achievements.”

Although the outcome of the football season remains unclear for both teams pursuing Super Bowl status, the fog has lifted from each city in regards to their winning real estate market statistics, and the outlook is very positive.

NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.