March 08, 2022
Greater Lehigh Valley REALTORS® Release 2021 Annual Report
As the premier source of real estate information in the Lehigh Valley and its surrounding communities, the Greater Lehigh Valley REALTORS® (GLVR) is pleased to provide an in-depth report on the 2021 local housing market.
Highlights of the report include:
SALES: Pending sales increased 5.0 percent, finishing 2021 at 8,834. Closed sales were up 6.0 percent to end the year at 8,672.
LISTINGS: Comparing 2021 to the prior year, the number of homes available for sale was lower 39.5 percent. There were 456 active listings at the end of 2021. New listings increased by 5.0 percent to finish the year at 9,984.
LIST PRICE RECEIVED: Sellers received, on average, 101.6 percent of their original list price at sale. Year-over-year original list price increased 2.3 percent.
DISTRESSED HOMES: Forbearance efforts by the government and lenders continued for much of the year, limiting distressed sales activity once again. In 2021, the percentage of closed sales that were either foreclosure or short sale decreased by 11.1 percent to finish the year at 0.3 percent of the market. Foreclosure and short sale activity may increase in 2022, though the strong gains in equity seen by most homeowners in the last few years will help to limit the number of distressed sales.
PRICES: Home prices were up compared to last year. The overall median sales price increased 13.2 percent to $259,225 for the year. Single Family home prices were up 14.2 percent compared to last year, and Townhouse-Condo home prices were up 10.1 percent.
CARBON COUNTY REVIEW: Closed sales were down 5.2 percent to 835. There were 961 new listings, and the year closed with 86 active listings. Percent of list price received at sale for 2021 was, on average, 98.5 percent. The overall median sales price increased 21.9 percent to $195,000.
WHAT TO EXPECT IN 2022: The 2021 housing market was once again strong both locally and nationally. Inventory shortages and high buyer demand continued to push home prices higher, with multiple offers on a limited number of homes the common theme in most market segments.
Looking ahead, familiar trends will keep pushing home prices higher still. As mortgage rates are likely to continue to rise over the year as well, housing affordability will remain an important factor to watch.
About the Report / View the Full Report:
The Annual Report provides thorough data on the 2021 real estate market in Lehigh and Northampton counties. A quick review of Carbon County and its school districts is also reported. The full report is only available to members of the Greater Lehigh Valley REALTORS® via the Member Portal.
ShowingTime, the vendor used to create the annual and monthly market reports, uses research collected from the Greater Lehigh Valley REALTORS® Multiple Listing Service (MLS), which is utilized by more than 3,000 REALTORS® and Appraisers.
The Annual Report provides commentary on the 2021 real estate market and a breakdown of the following criteria:
- Quick Facts
- New Listings
- Pending Sales
- Closed Sales
- Median Sales Price
- Average Sales Price
- Percent of List Price Received
- Inventory of Homes for Sale
- Monthly Supply of Inventory
- Property Type Review
- Price Range Review
- Distressed Homes Review
- Activity by School District with Review of Median Sales Price