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Published on September 16, 2024

The Greater Lehigh Valley REALTORS® (GLVR) reported August data showed a steady performance for the local real estate market.

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

“Total housing inventory edged up 12.0% from last August, coming in at 768 units, for a 1.4-month supply at the current sales pace,” said GLVR CEO Justin Porembo. “Although inventory is trending in a more positive direction, demand continues to outpace supply, putting upward pressure on sales prices. Historically, six months of supply is associated with moderate price appreciation and points toward a balanced real estate market between buyers and sellers.”

August Stats

Closed Sales slipped 9.7 percent to 603 listings. Inventory increased 12.0 percent – there were 768 units in August for Lehigh and Northampton counties. With inventory not yet at a healthy balance between buyers and sellers, the Median Sales Price increased 4.2 percent to $345,000.

Other notable housing statistics for August include:

  • New Listings increased 2.5 percent to 725.
  • Pending Sales jumped 7.9 percent to 658.
  • Months Supply of Inventory grew 7.7 percent to 1.4 months.
  • Percentage of List Price Received slipped 1.3 percent, but still came in above and beyond at 101.1 percent.
  • Homes sold, on average, in 16 days, just one day slower than last August.

In Carbon County, the Median Sales Price decreased to $245,100. Closed Sales slid to 58. Pending Sales increased to 74. New Listings increased to 88. Inventory saw a bump with 208 units, leading to a Months Supply of Inventory that increased to 3.7 months. Days on Market remained steady at 34 days.

“The long-game story has been low inventory and high sale prices, but the Lehigh Valley remains more affordable than the national average,” said GLVR President Lori Campbell. “According to the National Association of REALTORS®, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, while the Lehigh Valley’s median sales price rose 4.2% year-over-year to $345,000 – a difference of more than $77,000.”