The Lehigh Valley real estate market continues to be a strong sellers market. The Greater Lehigh Valley MLS recently released home sales data for September 2024. The median sales price increased from $325,000 to $350,000, indicating a 7.7% price increase compared to 1 year ago. This is great news for home sellers! The average days on market increased slightly from 17 days 1 year ago, to 19 days in September 2024. Most homes still sold at or just over asking price.
The good news for buyers is that mortgage interest rates are down, and available inventory of homes for sale is up slightly. The monthly supply of available homes was up just over 7% to 1.4 months of inventory. New home listings grew 5.3%, but pending sales grew over 14%.
The bottom line is homes are selling, inventory has improved, but buyer demand is still strong. For more detailed information on market data, or buying and selling home, pease reash out to Lehigh Valley Just Listed Real Estate.