Home prices in the Allentown-Bethlehem-Easton metropolitan area rose in the first quarter of 2024 as the 30-year fixed mortgage rate ranged from 6.60% to 6.94%, according to the National Association of Realtors®’ (NAR) latest quarterly report. Compared to one year ago, the median single-family existing-home price in the Lehigh Valley climbed by 8.0% to $321,800.
“The upward trajectory for the Lehigh Valley’s home prices signifies a robust market, reflective of strong demand – but limited inventory,” said Greater Lehigh Valley REALTORS® President Lori Campbell. “As we step into the spring and summer months, we anticipate this momentum to continue, albeit with potential moderation due to mortgage rates and the ‘golden handcuffs” phenomenon keeping some sellers from leaving behind lower rates. The Lehigh Valley economy is booming, and there is persistent interest in living and working here. We remain optimistic about the real estate outlook for the upcoming seasons with the expectation of steady activity and healthy appreciation in property values.”
National Overview
Nationally, more than 90% of metro markets (205 out of 221, or 93%) posted home price gains in the first quarter of 2024. Thirty percent of the tracked metro areas (63 of 221) experienced double-digit price increases over the same period, up from 15% in the fourth quarter of 2023. Seven percent of markets (15 of 221) experienced home price declines in the first quarter, down from 14% in the previous quarter. The national median single-family existing-home price climbed 5% from one year ago to $389,400.
“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” said National Association of Realtors® Chief Economist Lawrence Yun. “In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.”
Among the major U.S. regions, home prices swelled year-over-year 11% in the Northeast, 7.4% in the Midwest, 7.3% in the West, and 3.3% the South.
Data tables for MSA home prices (single-family and condo) are posted at https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for an MSA in a particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of Realtors®.
NOTE: NAR releases quarterly median single-family price data for approximately 220 Metropolitan Statistical Areas (MSAs). In some cases, the MSA prices may not coincide with data released by state and local Realtor® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, Realtors® are advised that for business purposes, local data from their association may be more relevant.