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The Greater Lehigh Valley REALTORS® (GLVR) reported February data showed a more stimulated real estate market as sellers see opportunity in the New Year and in the upcoming spring market.

GLVR Members: Click HERE to view the full Market Update report for February 2024.

“After a tepid January market in the Lehigh Valley, February shook off the sleepiness and showed up with a double-digit increase in New Listings, a steady showing of Pending Sales, and buyers moving properties at a faster pace than the previous year,” said GLVR CEO Justin Porembo. “And with the 30-year fixed-rate mortgage averaging 6.88 percent, falling from last week’s 6.94 percent average, mortgage applications rose for the first time in more than a month as borrowing costs fell for the first time in the same period. Buyers are making moves – a positive sign for sellers who recently listed their homes.”

February Stats

Closed Sales dipped 7.5 percent to 343 listings. Inventory slipped 11.2 percent – there were 502 units in February for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 7.7 percent to $323,000.

Other notable housing statistics for February include:

  • New Listings increased 12.3 percent to 520.
  • Pending Sales dropped by 10 listings – 480 in 2023 vs. 470 in 2024.
  • Months Supply of Inventory increased 11.1 percent to 1.0 months.
  • Percentage of List Price Received increased 0.6 percent, coming in at 100.5 percent.
  • Homes sold, on average, in 24 days, seven days faster than the previous February.

In Carbon County, the Median Sales Price increased to $220,000. Closed Sales increased to 43. Pending Sales slipped to 54. New Listings bumped up to 80. Inventory increased to 127 units, leading to a Months Supply of Inventory that increased to 2.3 months. Days on Market increased to 46 days vs. 26 days the previous February.

“Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply,” said GLVR President Lori Campbell. “As a result, existing-home sales prices have continued to rise, creeping back toward the all-time high for the Lehigh Valley of $335,000, seen in June 2023.”

That said, Campbell added, “Local REALTORS® are dedicated to keeping a vigilant eye on the ever-changing market dynamics and can offer invaluable guidance to those looking to buy or sell their homes. By remaining informed and being willing to flexibly adjust strategies to align with the current landscape, consumers, with the support of a REALTOR®, can confidently and successfully navigate the real estate market.”