As we prepare to enter the 2023 real estate market, it’s important to examine the current market trends based on the December 2022 market data.
Do we have Ali real estate market remains strong, as available home inventory levels dropped over 18%, which caused pending sales to drop 23%. Despite higher interest rates, buyer demand still seems strong. The fact remains there still plenty of buyers looking for homes, but the supply of homes is still not enough to keep up with demand.
The median sales price of homes in the Lehigh Valley for December 2022 was $290,000 up about 3.6% from $280,000 just one year ago. Prices are stabilizing, but still rising.
The average days on market was 25 days, which is still a relatively short time. With most homes selling at or near the list price. 99.2% of sales price.
Many sellers still seem, reluctant to list their home, in many cases because of the higher interest rates, it will cost them to buy another, and the lack of available homes. However, homeowners who don’t need to buy another home in the area have a very good opportunity to sell quickly and a high price.
For more information on what options you may have as a buyer or seller, please feel free to contact us.