Lehigh Valley real estate ended the year 2024 strongly despite the typical winter slowdown, according to the Greater Lehigh Valley Realtors (GLVR).

In the latest GLVR report, three key indicators were positive in December 2024:

Closed Sales increased 0.2 percent.

Inventory increased 4.0 percent.

The Median Sales Price increased 10.0 percent.

“December data showed stability and signs of demand, despite the seasonal slowdown and inventory challenges,” stated the latest GLVR report in a Jan. 16 press release.

“Inventory remains below the five to six months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide,” said GLVR CEO Justin Porembo.

“While homebuilders have made strides in increasing inventory, existing-home supply in established neighborhoods has dropped significantly, creating a competitive market where buyers often face multiple offers. This imbalance underscores the need for policies and initiatives that encourage more housing development and address affordability challenges,” Porembo said.

“The real estate market can be challenging, with limited inventory and rising prices creating frustration for both buyers and sellers,” said then GLVR President Lori Campbell.

“Realtors have the expertise to guide buyers in finding the right home at the price and terms they want, while also helping sellers price, market, and negotiate their property effectively to achieve the best possible outcome. Whether you’re buying or selling, a Realtor is your advocate for navigating today’s competitive market with confidence,” Campbell said.

December statistics

* Closed Sales increased 0.2 percent, coming in at 509 listings.

* Inventory increased 4.0 percent at 604 units in December in Lehigh and Northampton counties.

* Median Sales Price increased 10.0 percent to $329,900.

* New Listings increased 7.0 percent to 383.

* Pending Sales increased 4.6 percent to 383.

* Months Supply of Inventory was flat at 1.1 months.

* Percentage of List Price Received decreased 0.4 percent, but came in above and beyond at 100.1 percent.

* Homes sold, on average, in 24 days, three days slower than the previous December.

Carbon County

The Median Sales Price increased to $261,000.

Closed Sales increased to 59.

Pending Sales decreased by one listing to 39.

New Listings decreased by four listings to 41.

Inventory increased to 164 units.

Months Supply of Inventory increased to 2.8 months.

Days on Market came in at 46 days, nine days slower than December 2023.

National View

Existing-home sales in the United States improved for the second consecutive month, increasing 4.8 percent to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of Realtors (NAR).

Sales increased 6.1 percent, compared to the same time last year, marking the largest year-over-year increase since June 2021.

Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.

Total housing inventory stood at 1.33 million units heading into December, a 2.9 percent decrease from the previous month, but a 17.7 percent increase year-over-year, for a 3.8-month supply at the sales pace.

NAR reported a median existing-home price of $406,100, a 4.7 percent increase from one year earlier.

GLVR information

The Greater Lehigh Valley Realtors is a not-for-profit trade association representing more than 3,000 Realtors in Carbon, Lehigh and Northampton counties. The association provides professional development and training resources, competitive market information, legislative advocacy, peer review and mediation processes for members, and a dispute resolution service for consumers.

GLVR owns and operates the Greater Lehigh Valley Multiple Listing Service (MLS) and the Greater Lehigh Valley Real Estate Academy. Realtors are distinguished from real estate licensees by subscribing to a strict code of ethics and standards of practice as defined by the National Association of Realtors.

Information: www.GreaterLehighValleyRealtors.com