Lehigh Valley Pennsylvania (PA) Home Prices

As per an article in the local paper, The Morning Call (and the Office of Federal Housing Enterprise Oversight), the home price increases are slowing in the Lehigh Valley. Is this good? ...Well not if you are selling, but great if you are buying. And in the long run, perfect if you are living in the area.

In general, this is exactly what we need as Supply/Demand come towards equilibrium.

The first Quarter of 2007 is HALF of the rise in 2006. One year ago, the Lehigh Valley ranked # 75 NATIONALLY...now we in the Lehigh Valley are at #81 (out of 265 markets - metropolitan).

The data shows that 2 states in the past 7 years (MA and MI) experienced declines !

The "Lehigh Valley" (per the Federal agencies) is defined as Northampton County, Lehigh County and Warren County (NJ)... though many of us in "The Valley" consider it to possibly include Upper Bucks and Monroe (Pocono's) versus NJ.

Average prices are at $222,000. And with that, a person can get a very , very nice house. Particularly a first time home buyer can find a home they can use to not only enjoy, but start their lives of prosperity.

Much of the increases in average prices in the past have come from people moving from the HUGH dollars of Northern NJ and New York (NYC area).

While like most places, some sellers are hanging on the hopes their house is still worth as much as it was 3 years ago, many (most) in the Lehigh Valley are sitting pretty happy as the appreciation rose so much, any decline did not affect their overall significant increases of the past 10 years.

With the rise in population in sync with the healthy job market, the Lehigh Valley in Pennsylvania is a perfect place to purchase a home. This is one of a few very healthy housing areas to live. Located between NYC and Philly.... can anyone truly find MANY more unique areas?

I think not.

As Jeanne Bonner of The Morning Call states, "...moderate home appreciation creates a more sustainable market, which is better in the long term."

I agree.