Lehigh Valley Housing Market Reaches New Price Record Amid Inventory Shortage
The Lehigh Valley housing market has set a new record for median sales prices, reaching $385,000 in June, according to data from the Greater Lehigh Valley Realtors. This marks a 4.1% increase from the previous year and surpasses the previous record of $375,000. The region, encompassing Lehigh and Northampton counties, is experiencing a severe shortage of homes, with only 757 homes available for sale, equating to just 1.4 months of inventory. This is significantly below the five to six months of inventory typically considered a balanced market. Despite the limited supply, there was an 8% increase in pending sales and a 2.8% rise in new listings. However, closed sales decreased by 2.4%. The tight market conditions are reflective of broader trends in the Northeast, where home prices are rising faster than wages. 
