Across the country, 2020 was a record-breaking year for the housing market—and the Lehigh Valley has been no exception! Nationwide, more people have been buying homes or actively seeking to buy homes over the last year and more.
Demand has outpaced supply, and housing prices have skyrocketed. In fact, despite the COVID-19 pandemic, the housing industry has seen its largest year of growth since the Great Recession. According to Zillow, 2021 is predicted to be even stronger, reaching the most home sales recorded in a single calendar year at 6.8 million.
So what do all these housing trends mean for you?
If You’re Moving to the Lehigh Valley
If you’re thinking about moving to the Lehigh Valley, these record-setting housing trends mean a few important things:
- Local property values are higher now than in recent years, so you may spend more to buy a home.
- Homes on the market are being sold quicker than ever, so you’ll need to be diligent about your home search.
- Record-low mortgage rates are keeping purchases more affordable, so ask your real estate agent for the best options.
According to Redfin’s local housing data, it takes just 7 days on the market for a Lehigh Valley home to sell, and average prices are up almost 13% compared to May 2020.
At the same time, the Lehigh Valley is still considered a great place to live in terms of housing market and quality of life. In fact, the Allentown-Bethlehem-Easton area was ranked #76 out of 300 nationwide metropolitan areas by The Wall Street Journal and Realtor.com.
Importantly, homes in our area are expected to appreciate in value in the coming years.
If You’re Moving Away from the Lehigh Valley
If you’re selling your home and leaving the Lehigh Valley, then these trends are something to watch as well. Given the huge demand for housing, you’re almost guaranteed to get your asking price and perhaps a good deal more as buyers attempt to outbid each other.
If you’re relocating from PA to a higher-cost-of-living metro, you can likely expect to find the same price trends for homes in other regions of the country. In particular, Zillow notes that these six states have seen the largest growth in housing prices over the last 10 years:
- Idaho – 149% growth
- Nevada – 146% growth
- Utah – 126% growth
- Arizona – 117% growth
- Colorado – 112% growth
- Washington – 108% growth
Need Moving Help? Call Our Lehigh Valley Movers!
Whether you’re moving to the Lehigh Valley or away, recent housing trends will certainly play a big role in your budget—so don’t spend too much on the move itself! O’Brien’s Moving and Storage has served this community since 1928, and we offer professional moving services at very competitive prices.
Our Lehigh Valley moving company is an agent for Allied Van Lines, and we’re able to handle moves of all distances and complexities. Whether local or long-distance, we can coordinate your entire move, provide custom packing and crating, offer flexible storage, and more.
See how we can help you move by contacting our expert movers in the Lehigh Valley, PA! Call us today to get an accurate in-home or virtual moving estimate. You can also fill out our online form to get started now.