Pocono Mountains Realtors report on 2024 home sales

The Pocono Mountains Association of Realtors is out with its 2024 Housing Market report, which showed inventory on the rise, mortgage rates falling from a 23-year high of 7.79% in October 2023 to the mid 6% range. 

The report showed that homebuyers were returning to the market, with U.S. existing-home sales posting back-to-back monthly increases for the first time in more than two years in January and February.  

 When summer arrived, it came a surge of new listings, pushing inventory to its highest level since 2020, according to the National Association of Realtors.  

Although buyers had more options to choose from in their home search, the additional supply did little to temper home prices, which continued to hit record highs nationwide, and sales remained slow. 

Later in the year, buyers took advantage of lower borrowing costs and a greater supply of homes on the market, leading sales of existing homes to surge in October and November. 

Overall, in 2024, the Poconos region saw 2,763 closed sales, which was down from a high of 4,124 in 2020 and down 2.8% from the prior year. 

There were 4,125 new homes on the market in 2024, up from 3,888 in 2023. 

Meanwhile, the median sales price increased 5.3% over year to $300,000. 

Home sellers in the Pocono region were still mostly getting close to their asking price at 95.4%, but that number was down from 2023 when home sellers were getting 96% of asking price. 

The report noted increases in sales prices occurred across homes of all sizes over the last year.  

In 2024, properties with two bedrooms or less saw the greatest increase at 5.9%.  

The highest percentage of list price received at sale went to properties with two bedrooms or less at 95.7%.  

The number of homes sold in the $119,000 or Less price range fell 27.3 % to 96 homes.  

Homes sold in the $275,000 or More price range were up 8.5 % to 1,824 homes. 

The report said economists are projecting a more active housing market in 2025. 

 Existing home sales are predicted to increase, as are home prices, albeit at a moderate pace.  

Mortgage rates will vary throughout the year but are expected to stay within the 6% to 7% range.