Pocono Mountains Real Estate Market: 2024 Sales Trends and Future Outlook

The Pocono Mountains housing market saw notable shifts in 2024, with rising inventory, fluctuating mortgage rates, and evolving buyer activity shaping the year’s real estate landscape.

According to the latest Pocono Mountains Association of Realtors report, mortgage rates eased from their 23-year peak of 7.79% in October 2023, settling in the mid-6% range by early 2024.

Inventory Growth and Pricing Trends

By summer of 2024, new listings surged, bringing inventory levels to their highest point since 2020, per data from the National Association of Realtors. While the increase in available homes gave buyers more choices, it did little to curb rising home prices, which continued their upward trajectory nationwide.

By the fourth quarter of 2024, buyers began capitalizing on lower borrowing costs and a broader selection of properties, driving a jump in existing home sales in October and November.

Pocono Housing Market by the Numbers

• Total Closed Sales: 2,763 (a decline from 4,124 in 2020 and 2.8% lower than 2023).
• New Listings: 4,125 homes entered the market, up from 3,888 in 2023.
• Median Sales Price: Increased 5.3% year-over-year, reaching $300,000.
• Seller Pricing Power: Homes sold for 95.4% of their asking price, slightly lower than 96% in 2023.

Market Segments and Shifts

Different property types and price ranges experienced varying levels of demand:

• Smaller Homes in High Demand: Homes with two bedrooms or fewer saw the highest price appreciation, rising 5.9% year-over-year. These homes also had the strongest sale-to-list price ratio at 95.7%.
• Luxury and Higher-Priced Homes Rising: Sales of homes priced at $275,000 or more increased 8.5%, totaling 1,824 transactions.
• Affordable Housing Decline: Homes priced at $119,000 or less saw a 27.3% drop in sales, with only 96 properties sold in that range.

Looking Ahead: What’s Next for 2025?

Real estate economists anticipate a more active housing market in 2025, with existing home sales projected to rise and prices expected to grow at a moderate pace. Mortgage rates will likely fluctuate throughout the year but are expected to remain between 6% and 7%.

While buyers may still face affordability challenges, increasing inventory and more favorable financing conditions could create new opportunities for both homebuyers and sellers in the Pocono region.

If you’re thinking of buying or selling real estate in the Poconos, at CENTURY 21 Keim, we’re happy to assist!  Email us at c21keim@gmail.com or call us:

East Stroudsburg: 570-476-1851           Greentown: 570-676-4900          Lords Valley:  570-775-4000
Allentown: 610-395-0395                        Bethlehem:  610-866-6363