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 2022 local housing market.
Highlights of the report include:
SALES: Pending sales decreased 14.1 percent, finishing 2022 at 7,515. Closed sales were down 12.1 percent to end the year at 7,675.
LISTINGS: Comparing 2022 to the prior year, the number of homes available for sale was up 6.4 percent. There were 602 active listings at the end of 2022. New listings decreased by 10.5 percent to finish the year at 8,942.
LIST PRICE RECEIVED: Sellers received, on average, 102.0 percent of their original list price at sale. Year-over-year original list price increased 0.4 percent.
DISTRESSED HOMES: Previous forbearance efforts by the government and lenders limited distressed sales activity once again. In 2022, the percentage of closed sales that were either foreclosure or short sale finished the year at 0.4 percent of the market – or 31 properties out of the 7,675 closed for the year. Foreclosure and short sale activity may increase in 2023, 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 12.9 percent to $293,000 for the year. Single Family home prices were up 11.5 percent compared to last year, and Townhouse-Condo home prices were up 15.0 percent.
CARBON COUNTY REVIEW: Closed sales were down 5.2 percent to 799. There were 951 new listings, and the year closed with 91 active listings. Percent of list price received at sale for 2022 was, on average, 96.7 percent. The overall median sales price increased 7.7 percent to $210,000.
WHAT TO EXPECT IN 2023: Looking ahead to 2023, much depends on inflation, mortgage interest rates, and the broader state of the economy, although economists predict many of 2022’s housing trends will continue into the new year: home sales will soften, price growth will moderate, inventory will remain tight, and there will be greater variability between markets nationally, with some regions possibly seeing price declines while other, more affordable areas of the country – like the Lehigh Valley – remain in high demand and experience price growth.
About the Report / View the Full Report:
The Annual Report provides thorough data on the 2022 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 2022 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
The full annual report is only available to members of the Greater Lehigh Valley REALTORS®. The report lives on the Member Portal under MLS > Markets Updates > Annual Reports. If you are not a full member of the association and want to revisit your membership type, contact Cheryl Graham at Cheryl@GLVR.org to get started.