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Published on June 14, 2024

The Greater Lehigh Valley REALTORS® (GLVR) reported May data showed promising trends and growth, demonstrating the ongoing demand for homes in the region and more confidence in the state of the market and mortgage rates.

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

“A new study released from LendingTree shows that borrowers who gather quotes from multiple lenders – three or more – stand to potentially save an average of $212 a month on their loan,” said GLVR CEO Justin Porembo. “That’s equivalent to $2,544 a year, or $76,410 over the life of the loan. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”

May Stats

Closed Sales saw a positive showing for the second month, increasing 1.1 percent to 557 listings. Inventory remained relatively steady with a 0.7 percent bump (or a four-listing increase) – there were 611 units in May for Lehigh and Northampton counties. Prices neared all-time highs with a showing of $333,275, or an increase of 5.8 percent.

Other notable housing statistics for May include:

  • New Listings crept up 3.4 percent to 765.
  • Pending Sales increased 5.5 percent to 654.
  • Months Supply of Inventory came in at 1.2 months, an uptick of 9.1 percent.
  • Percentage of List Price Received was steady, decreasing just 0.1 percent – 102.2 percent vs. 102.1 percent.
  • Homes sold, on average, in 19 days, four days faster than the previous May.

In Carbon County, the Median Sales Price increased to $242,000. Closed Sales jumped to 71. Pending Sales slid to 50. New Listings bumped up to 112. Inventory increased to 180 units, leading to a Months Supply of Inventory that increased to 3.2 months. Days on Market increased to 31 days vs. 23 days the previous May.

“With new listings and pending sales on the rise, the Lehigh Valley housing market is shaping up to be advantageous for both buyers and sellers,” said GLVR President Lori Campbell. “An increase in building permits and new construction activity further bolsters our optimism for the market, and we remain hopeful that interest rates will stabilize – and steadily lower – into the fall, providing even more opportunities for prospective homeowners.”