HANOVER TWP., Pa. - Lehigh Valley home sales jumped 5% in April – the first increase in two years, according to the Greater Lehigh Valley Realtors.
The organization released its April data this week showing 479 closings in Lehigh and Northampton counties.
“We are seeing the positive signs and momentum that comes with the spring market,” said GLVR CEO Justin Porembo.
"Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical Lehigh Valley home spending 22 days on the market. We – at the local, state and national levels – are looking at advocacy policies to counteract the prolonged issues with supply."
“We are seeing the positive signs and momentum that comes with the spring market."<br/>Justin Porembo, CEO of Greater Lehigh Valley Realtors
Like the rest of the nation, the Lehigh Valley’s real estate market has suffered since the COVID-19 pandemic. Buyers have outnumbered sellers and inventory is hard to come by.
Inventory last month grew by just two listings, with 575 units on the market in Lehigh and Northampton counties.
The median sales price grew 2% last month, to $321,200, from April 2023.
Other April figures:
- Pending sales increased 13.3% to 656;
- Months supply of inventory came in at 1.1 months, up 10%;
- Percentage of list price received increased by 0.8%, coming in at 101.9%;
- Homes sold, on average, in 22 days – two days faster than the previous April.
GLVR President Lori Campbell said she expects the market to remain competitive this spring.
“The Federal Reserve has delayed rate cuts, but many consumers no longer seem to have the patience to wait or have a pressing need to purchase a home,” she said in a news release. “Additionally, some buyers have accepted they may need to attempt to refinance later, if/when mortgage interest rates drop.”
