Please let me know if I may assist with any questions and finding property here in Pittsburgh to meet your needs.
Just to add to what Brian and Jeffery mentioned below;
Pittsburgh is a very interesting city - the steady market that we have is created by a strong job market. With one of the lowest unemployment rates in the country, we are very lucky that most areas have not seen the dramatic property value decreases that many other cities in the country have. In fact - some select areas are even continuing to see a slight increase. It will depend on where in the city you are looking. I would recommend somewhere close to the universities and hospitals, two of the largest employment sectors in our city. These areas, at least in my opinion, seem to be holding their own quite well. If you are planning to rent this property out, this area will also provide a wealth of potential tenants!
It will certainly depend on how long you plan to hold as well. Downtown Pittsburgh is certainly seeing growth and opportunity - but properties there should be considered a longer term investment.
Pittsburgh has certainly been getting a lot of national attention from the media lately as well. It has been suggested in the New York Times, that we should be a model for cities looking to "re-invent" themselves.
Please let me know if I can help you with anything else!
What you can't do anymore is buy just any old property and expect it to automatically appreciate. I've had investors (either from out of town or just out of touch) who want to buy a foreclosure, do nothing, and flip for a quick profit. In a static or depreciating market, you have to work harder than that.
If you can acquire an investment property with a positive cash flow, you can comfortably hold it, even if the sale value fluctuates a bit. People who bought negative cash flow properties expecting to make it all back in a sale are having a hard time now.
Thanks for your question. To answer, a little more info would be helpfulll. Do you mean rental properties, multiunits, apartment or a SFH to move into and live? It is often said that the Pittsburgh market never "goes to the party and gets drunk, so it never has a hangover". Our market here does not have the high so it does not have the lows. If you get the right property/deal in any market, the answer is "yes".