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Published on October 14, 2024

The Greater Lehigh Valley REALTORS® (GLVR) reported September data showed that despite slower home sales, inventory has continued to grow with more positive gains each month versus consistent declines.

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

“The rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead,” said GLVR CEO Justin Porembo. “And there is no shortage in demand. Sixty percent of home sellers nationwide sold their home in less than a month – year-to-date, homes are selling, on average, within 19 days in the Lehigh Valley – a sign of strong buyer demand, according to the latest REALTORS® Confidence Index.”

September Stats

Closed Sales remained largely steady, increasing 0.9 percent (or five listings) to 533 listings. Inventory increased 6.2 percent – there were 734 units in September for Lehigh and Northampton counties. With inventory not yet at a healthy balance between buyers and sellers, the Median Sales Price increased 7.7 percent to $350,000.

Other notable housing statistics for September include:

  • New Listings increased 5.3 percent to 653.
  • Pending Sales jumped 14.6 percent to 605.
  • Months Supply of Inventory grew 7.7 percent to 1.4 months.
  • Percentage of List Price Received slipped 0.6 percent, but still came in above and beyond at 100.7 percent.
  • Homes sold, on average, in 19 days, just two days slower than last September.

In Carbon County, the Median Sales Price decreased to $217,500. Closed Sales increased to 67. Pending Sales remained steady at 64. New Listings increased to 88. Inventory saw a bump with 211 units, leading to a Months Supply of Inventory that increased to 3.7 months. Days on Market came in at 40 days, one day slower than last September.

“NAR’s Chief Economist Lawrence Yun has stated that whether the fall market fares better than summer likely will depend on where you live,” said GLVR President Lori Campbell. “In areas with persistent housing shortages, principally in the Northeast region, the recent falling interest rates could reignite more buyer interest – but without necessarily increasing supply. Therefore, multiple offers could intensify.”

Campbell added, “The strength of buyer demand remains a key driver in our market. While challenges remain, such as inventory levels and fluctuating interest rates, we are optimistic that the Lehigh Valley will continue to experience steady activity, with opportunities for both buyers and sellers in the months to come.”