The Lehigh Valley is a bustling area with plenty of opportunities for home buyers and sellers. With its close proximity to Philadelphia and Allentown, it’s no wonder that homes in the county are seeing an increase in value. But is now the time to buy or sell? Let’s take a closer look at what the market has to offer.
Lehigh Valley Median Sold Price By Bedroom Count
The median sold price of homes in Lehigh County varies depending on bedroom count. For example, one-bedroom homes had a median sold price of $175k in February 2023, a +19.5% increase from 2022. While four-bedroom homes had a median sold price of $406k in February 2023, a +14.3% increase from 2022. This indicates that there is something for everyone in this area. Whether you’re looking for an affordable starter home or a luxurious estate, you can find it in the Lehigh Valley.
Lehigh Valley Price Comparison by County
Despite a challenging year, the real estate market in the Lehigh Valley is still going strong. According to Rocket Mortgage’s Lehigh County Housing Market Report‘ February report, median sales prices rose an impressive 16% from last year – now standing at $264k. Lehigh County also compares favorably with other counties in the area when it comes to median sold prices. Bucks County and Northampton County both have higher median sold prices than Lehigh County ($290k and $292k respectively). This means that buyers who are considering these areas can get more bang for their buck by opting for Lehigh County instead.
Lehigh Valley Homes Inventory
The Pennsylvania housing market is undergoing a seismic shift, with the median sale price climbing 1.6% in February 2023 year over year while home sales dropped 28.8%. Moreover, Lehigh Valley prospective buyers have cause for concern: new listings were down 9.2% in January 2023, and inventory continues to dwindle as levels dip 36.5% compared to last year’s corresponding period of time. However, If you’re buying a home in Lehigh County, you may be able to get a good deal. 41.8% of homes here sold below asking price last month. Greater Lehigh Valley Realtors President says this:
“Demand for housing persists, and many would say higher mortgage interest rates have cut into housing affordability. But with homes spending a little longer on the market, buyers have more time and negotiating power when shopping for a home. Seller concessions are making a comeback, too. At the end of a deal, it all balances out, and my clients are notably seeing in real-time the affordability story isn’t quite as alarming as it seems on the surface”
Bottom Line
With the real estate market continuously evolving, Lehigh Valley remains a sellers’ paradise. Low inventory and rising mortgage rates are encouraging buyers to be extra selective when finding their desired home. Sellers enjoy multiple options with more negotiating power due to extended deal completion timeframes. See what your options are by contacting the Don Wenner Team today!