2018 Lehigh Valley Real Estate Market
Overall, 2018 was a very unique year for Lehigh Valley real estate. Here are three notable trends that took place this past year, as well as what to look out for this upcoming year.
2018: Three Notable Trends
Rising inventory in the housing market
2018 started off with a very low housing inventory. In a lower inventory market, buyers have fewer options to choose from, so they definitely have to navigate the market a bit differently. As the year has progressed, the inventory of the housing market has increased from 1,551 units in January to 2,111 in September.
Interest rates have slowly climbed
Although interest rates are at an all-time low across the boards, they have been slowly rising. Because of this, people haven’t been refinancing their homes as much. Instead of refinancing and staying in their current home, many people prefer selling their home and moving.
Home prices continue to increase
Statistics have shown that the prices of homes have gone up over 6% over the past year. However, the number of pending sales have been about the same. This means that the market is still very strong and sellers are still getting top dollar for their property, but overall, their homes may be sitting on the market a little bit longer.
2019: A Market Correction May be Coming
Many experts predict that a market correction is approaching, possibly in 2019. What does this mean for you?
“You always want to have an expert on your side who can really help you navigate the market and see the trends that might be happening,” says Jonathan Campbell, Vice President at DLP Realty.“ "We have many programs that will help you in these markets, whether it's our Guaranteed Sale Program(where we can guarantee to sell your home in 34 days or less) or our Immediate Buyout Program. You’d be surprised how much money you could save by exploring an option like that. You never know what this market will bring. So, to know that you have the flexibility at a company like DLP Realty can really work in your favor.”
Learn More about the Local Real Estate Market!
To learn more about the current real estate market, join us for our FREE webinar, "Is Today a Buyer or Seller Market?" on November 29th at 1pm.