Lehigh Valley Housing Market: A Decade of Growth

MALLORY SIEGFRIED, DIRECTOR OF COMMUNICATIONS, GREATER LEHIGH VALLEY REALTORS®

The median sales price of a home in Northampton and Lehigh counties jumped an average of 28% or $50,225 in the past 10 years, according to data from the Greater Lehigh Valley REALTORS®. If you bought a home within the past decade in the Lehigh Valley, this means your home is likely worth a lot more than what you initially paid. The property value boon can be attributed to a region that's deeply rooted in the national housing inventory crisis. A lack of inventory across the Lehigh Valley is leading to significant bidding wars, with sellers receiving, on average, 102.0% of their listing price. The low inventory – with levels shrinking in August by 18.8% to 812 units – led to homes selling in just 14 days (one day above the record low of 13 days, which was recorded in July). Compounding the inventory crunch, the coronavirus pandemic brought a wave of individuals and families from neighboring states, such as New Jersey and New York, looking to leave behind high-occupancy locations in search of more rural living. Philadelphia, New Jersey, and New York workers found the Lehigh Valley to be a perfectly positioned gobetween to work remotely – something expected to continue post-pandemic – maybe just not at such a frenzied pace. The overall hike can also be largely attributed to the overall growth and large development in the region. The proximity to major entertainment facilities, such as Coca-Cola Park and the PPL Center in Allentown, has made the region more attractive to buyers. The Lehigh Valley has only become more valuable over time. We don't expect that to slow down, even for a second. So, that leads us back to the numbers. In looking at the overall past decade, the largest median price increases for Northampton County were in:

• Glendon Borough, the median home priced at $103,500 in 2010, rose about 129% to $237,500 in 2020

• Tatamy, the median home priced at $155,000 in 2010 rose about 195% to $457,498 in 2020 • Upper Mount Bethel Township, the median home priced at $147,250 in 2010, rose about 85% to $272,000 in 2020 In Lehigh County, the largest median price increases from 2010 to 2020 were in:

• Lower Milford Township, the median home priced at $275,000 in 2010, rose about 82% to about $500,000 in 2020 • Washington Township, the median home priced at $189,000 in 2010, rose about 55% to about $292,750 in 2020 • Macungie, the median home priced at $167,500 in 2010, rose about 55% to about $260,250 in 2020 In Northampton County, the smallest median price increases from 2010 to 2020 were in:

• Allen Township, which increased about 5% • Plainfield Township, which increased about 12% • Pen Argyl, which increased about 14%

In Lehigh County, the smallest median price increases from 2010 to 2020 were in:

• Hanover Township, which increased about 0.13% • Lowhill Township, which increased about 3% • North Whitehall Township, which increased about 8% As for towns that saw decreases, Chapman Borough saw a slight decrease in overall median sales value (with no sales data available for 2010, 2015, or 2019) at about 17%. So did Upper Nazareth Township, decreasing by about 7% in median value from $305,000 in 2010 to $282,500 in 2020. There were no decreases at all in median sales prices overall from 2010 to 2020 in Lehigh County.