The Greater Lehigh Valley REALTORS® (GLVR) reported November data showed a solid real estate market with a wider selection of properties on the market and sales prices remaining strong.
GLVR Members: Click HERE to view the full Market Update report for November 2024.
“U.S. existing-home sales have exceeded economists’ expectations for the month and marked the first annual gain since July 2021,” said GLVR CEO Justin Porembo. “The recent dip in mortgage rates to 6.69% is a welcome relief for prospective homebuyers in the Lehigh Valley. Even modest rate changes can have a meaningful impact, giving buyers the confidence to enter the market. We’ve seen a noticeable uptick in activity, and this trend could continue as long as rates remain steady.”
November Stats
Closed Sales increased 8.0 percent, coming in at 542 listings. Inventory increased 2.0 percent – there were 718 units in November for Lehigh and Northampton counties. With inventory not yet at a healthy balance between buyers and sellers, the Median Sales Price increased 9.5 percent to $345,000.
Other notable housing statistics for November include:
- New Listings increased 1.5 percent to 525.
- Pending Sales jumped 9.1 percent to 494.
- Months Supply of Inventory decreased 7.1 percent to 1.3 months.
- Percentage of List Price Received slipped 0.2 percent, but still came in above and beyond at 100.5 percent.
- Homes sold, on average, in 24 days, three days slower than the previous November.
In Carbon County, the Median Sales Price increased to $278,000. Closed Sales decreased to 52. Pending Sales increased to 58. New Listings improved to 72. Inventory saw a bump with 188 units, leading to a Months Supply of Inventory that increased to 3.2 months. Days on Market came in at 44 days, two days slower than last November.
“While inventory is improving, we still have a way to go to meet the pent-up demand in the housing market,” said GLVR President Lori Campbell. “We remain hopeful for a healthier balance between inventory and buyer demand in 2025. The strength of our market underscores the enduring appeal of living in the Greater Lehigh Valley. Our REALTORS® are ready and equipped to serve clients with exceptional professionalism and resources.”