The median price of a house in the Lehigh Valley was at a record high in June, according to the Greater Lehigh Valley Realtors, but the number of closed sales was also on the rise.
Buyers paid $370,000 for a home and the number of deals were up 9.3% when compared with June 2024. Lower mortgage rates helped with the surge.
“Buyers and homeowners are seizing the opportunity presented by a brief dip in mortgage rates, with the Mortgage Bankers Association recently reporting purchase applications jumping 25% compared to this time last year, while refinance activity surged even higher,” GLVR CEO Justin Porembo said. “In our region, those lower rates are translating into confidence at the closing table, pushing both prices and sales volume to improved heights.”
The median price was up 2.3% over the previous record of $361,550 set in June 2024.
“Even with a new record-high median sales price, the Lehigh Valley remains more affordable than many parts of the country,” Porembo noted. “Nationally, home prices rose 1.3% year-over-year to $422,800. Our market continues to offer strong value for buyers who are priced out of larger metro areas but deserve access to a great place to live and work like the Lehigh Valley.”
GLVR President Michael Bernadyn said the lower rates are bringing buyers and sellers off the sidelines.
“It’s clear that opportunity is knocking for both buyers and sellers,” Bernadyn said.
It may not last for long. The National Association of Realtors reported this week that mortgage rate averages are climbing again after five weeks of declines. The 30-year fixed-rate mortgage rose to a 6.72% average, according to Freddie Mac.
“Home buyer demand is being fueled by increasing housing inventory and moderating home-price growth,” Joel Kan, the Mortgage Bankers Association’s deputy chief economist, said in the National Association of Realtors report. Homeowners also rushed last week to capitalize on the lowest mortgage rates in weeks, prompting refinancing applications to surge 56% above a year ago.
“The 30-year fixed-rate mortgage moved slightly higher following a stronger than expected jobs report,” said Sam Khater, Freddie Mac’s chief economist. “Despite ongoing affordability challenges in the housing market, we are seeing home purchase and refinance applications respond to the downward trajectory in rates.”
The Lehigh Valley saw a 10.1% increase in new listings to 828, while pending sales improved 15.7% to 699. Homes sold, on average in 18 days, two days slower than last June.
Inventory continues to be a problem in the Valley, which is in the midst of a housing shortage. A report from ResiClub has it among the top 15 markets in the country that have active inventory at least 50% below prepandemic levels in 2019.
ResiClub — which uses the metropolitan statistical area that includes Warren County, New Jersey — said the Lehigh Valley’s active inventory is down 62% from 3,492 in June 2019 to 1,331 in June 2025.
Morning Call reporter Evan Jones can be reached at ejones@mcall.com.
