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Published on November 14, 2024

The Greater Lehigh Valley REALTORS® (GLVR) reported October data showed a strong start to the fall selling season, underscoring the vitality of the real estate market heading into the colder months.

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

“The ‘locked-in’ effect of homeowners feeling stuck-in-place with 2% or 3% mortgage rates from recent years is expected to lessen over time, and we are starting to see a small glimpse of that,” said GLVR CEO Justin Porembo. “Not to mention, nationwide, there are 3.5 million new babies being born each year as well as the 1.5 million marriages, 700,000 divorces, 3.5 million people turning 65, and 25 million job changes that take place each year – all milestones that often trigger real estate moves.”

October Stats

Closed Sales increased 7.6 percent, coming in at 596 listings. Inventory increased 5.2 percent – there were 774 units in October for Lehigh and Northampton counties. With inventory not yet at a healthy balance between buyers and sellers, the Median Sales Price increased 11.8 percent to $346,500.

Other notable housing statistics for October include:

  • New Listings increased 10.9 percent to 742.
  • Pending Sales jumped 17.6 percent to 608.
  • Months Supply of Inventory remained steady at 1.4 months.
  • Percentage of List Price Received slipped 0.6 percent, but still came in above and beyond at 100.7 percent.
  • Homes sold, on average, in 18 days, the same amount of days as the previous October.

In Carbon County, the Median Sales Price increased to $251,250. Closed Sales increased to 82. Pending Sales improved by two listings, coming in at 69. New Listings decreased to 73. Inventory saw a bump with 203 units, leading to a Months Supply of Inventory that increased to 3.6 months. Days on Market came in at 40 days, six days slower than last October.

“As we move into the heart of the fall season, it’s encouraging to see sustained activity and growth across various aspects of the market,” said GLVR President Lori Campbell. “Buyers and sellers in the Greater Lehigh Valley are making confident moves, supported by stable inventory growth and strong demand. We’re optimistic about the months ahead and remain dedicated to fostering a healthy market for our community.”

The National Association of REALTORS® on Monday released the 2024 Profile of HomeBuyers and Sellers. The report noted homeowners who sell their homes on their own typically generate $55,000 less than homeowners who work with a REALTOR®.

“The typical For Sale By Owner home sold for $380,000 compared to $435,000 for agent-assisted home sales,” noted Campbell.  “With the support of a REALTOR®, consumers can expect expert understanding of the market and a purchase/sale at the price and terms they want and/or need.”