July 2019 Lehigh Valley Real Estate Market Review

Real Estate

The real estate market in the Lehigh Valley continues to be strong for the Sellers.  Inventory is very tight with only 2.5 Months of inventory available and inventory has remained at that level throughout the year.  Further proof of the slowdown of new houses coming on to the market is born out in the one year change in inventory by a decrease of 17.8% over the previous year. 

Interest rates remain at historic lows.  In recent transactions the buyers have had mortgage rates from 3.5% to 4.25%.  Housing affordability has remained steady.  With fewer houses on the market that has created buyer frenzy every time a property comes on the market. 

Due to that we see that the average price of a house has increased by 6.4% since last July.  This also has caused the number of days on the market to decline by almost 7%. 

Looking back at the market over the last 12 years, the market price is now above what a house would have been worth in 2007, prior to the recession.  While many economists are predicting a mild recession the demand for housing will remain strong, especially for first time home buyers, as long as the job market is strong and the interest rates are low.  Home Sellers can take advantage of the strong demand and low inventory…In many cases they can expect quick sale, with better terms, at a higher selling price.

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