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 2024 local housing market.
 
Highlights of the report include:
 
SALES: Pending sales increased 4.4 percent, finishing 2024 at 6,504. Closed sales were up 2.9 percent to end the year at 6,416.

LISTINGS: Comparing 2024 to the prior year, the number of homes available for sale was up 4.4 percent. There were 608 active listings at the end of 2024. New listings increased by 8.3 percent to finish the year at 7,795.

LIST PRICE RECEIVED: Sellers received, on average, 101.1 percent of their list price at sale. Year-over-year original list price decreased 0.2 percent.

DISTRESSED HOMES: Despite concerns over rates and overall affordability, strong gains in equity seen by most homeowners in the last few years has limited the number of distressed sales. In 2024, the percentage of closed sales that were either foreclosure or short sale finished the year at 0.5 percent of the market – or 35 properties out of the 6,416 closed for the year. This is a decrease of 24 properties over 2023, which saw 59 distressed sales.

PRICES: Home prices were up compared to last year. The overall median sales price increased 6.6 percent to $337,000 for the year. Single family home prices were up 8.5 percent compared to last year, and townhouse-condominium home prices were up 9.0 percent.

CARBON COUNTY REVIEW: Closed sales were down 2.1 percent to 667. There were 971 new listings, and the year closed with 164 active listings. Percent of list price received at sale for 2024 was, on average, 97.4 percent. The overall median sales price increased 5.9 percent to $240,000

WHAT TO EXPECT IN 2025: Economists are projecting a more active housing market in 2025. Existing-home sales are predicted to increase, as are home prices, albeit at a moderate pace. Mortgage rates will vary throughout the year but will likely stay within the 6% – 7% range. Buyers and sellers remain sensitive to fluctuations in mortgage rates, and the trajectory of rates will have a major impact on market activity. Inventory of new and existing homes will continue to improve in the new year, building on the supply gains made in 2024, with increases in both single- family and multifamily construction expected, according to the National Association of Home Builders.

About the Report / View the Full Report:

The Annual Report provides thorough data on the 2024 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 2024 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, Membership Administrator, at Cheryl@GLVR.org to get started.