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The Greater Lehigh Valley REALTORS® (GLVR) reported January data showed a tepid real estate market as a real, snowy winter hits the region and consumers wrap their heads around a roller coaster market.

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

“Real estate in January did not come in with a bang, but mortgage rates have dropped significantly from their peak last fall,” said GLVR CEO Justin Porembo. “Homebuyers are beginning to come out of the woodwork, and the National Association of REALTORS® is forecasting a 13 percent increase in existing-home sales this year compared to 2023.”

January Stats

Closed Sales dipped 4.9 percent to 349 listings. Inventory slipped 27.0 percent – there were 485 units in January for Lehigh and Northampton counties. Prices were a tad soft. The Median Sales Price saw its first decrease since 2019, dipping 3.3 percent to $290,000.

Other notable housing statistics for January include:

  • New Listings decreased 3.6 percent to 477.
  • Pending Sales changed one listing – 427 in 2023 vs. 426 in 2024.
  • Months Supply of Inventory slid 18.2 percent to 0.9 months.
  • Percentage of List Price Received increased 1.3 percent, coming in at 100.2 percent.
  • Homes sold, on average, in 20 days, eight days faster than the previous January.

In Carbon County, the Median Sales Price decreased to $182,500. Closed Sales dropped to 30. Pending Sales increased to 57. New Listings bumped up to 64. Inventory increased to 114 units, leading to a Months Supply of Inventory that increased to 2.0 months. Days on Market decreased to 32 days vs. 45 days the previous January.

“Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months,” said GLVR President Lori Campbell. “These points matter and are a good signal for the Lehigh Valley because our area follows national trends – just in a delay. And, per the usual cyclical trends, the positive signs in the market will mean a hopeful and exciting spring market.”