If you’ve been hearing that the real estate market is slowing, it’s important to remember one thing: real estate is local. Here in the Lehigh Valley, the latest numbers tell a different story.
1. Home values just reached another record.
The median sales price across Lehigh and Northampton counties reached a record $385,000 in June—up 4.1% from the previous year. For sellers, continued appreciation can mean stronger equity. For buyers, however, higher prices make affordability and preparation even more important.
2. We still don’t have enough homes for sale.
Despite an increase in new listings, our area had just 1.4 months of housing inventory. A balanced market is generally closer to five or six months. Simply put: buyers still have limited choices.
3. Buyers haven’t disappeared.
Higher prices and mortgage rates have certainly affected affordability, but serious buyers remain active. Pending sales increased 8% compared with last year.
4. The right homes are still moving quickly.
Homes sold in an average of just 19 days, and the average seller received 101.8% of the asking price. But that doesn’t mean every home will sell quickly. Today’s buyers are informed, selective and paying close attention to condition, presentation and price.
5. Strategy matters more than ever.
Sellers shouldn’t assume that low inventory means they can name any price. Overpricing can cause a property to sit while well-positioned homes attract attention quickly. Buyers, meanwhile, should be prepared financially and ready to act swiftly when the right property appears.
The takeaway? Whether you’re considering buying, selling or simply wondering what your home may be worth, local data should guide the decision. Have questions about what these trends mean for your home or your next move? I’m always happy to provide a local market perspective.
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