Five Years Later: How the Pandemic Still Shapes the Luzerne County Housing Market (and What the Future Holds!)

Flashback: The Pandemic Housing Market in Luzerne County (and Beyond)

Think back to early 2020. The initial reaction was one of hesitation. Fear and uncertainty gripped the nation. Many potential sellers pulled their homes off the market. Open houses became virtual tours. The rental market in Luzerne County also saw a dip in activity as people hunkered down or moved in with family.

However, as the months wore on, something unexpected happened. Remote work became the norm, and suddenly, location mattered less. People started seeking more space, bigger yards, and a lifestyle change. Many looked to areas with more affordable options and a slower pace of life compared to larger metropolitan areas.

The lack of housing inventory due to economic uncertainty initially led to an intensifying incredible competition. This surge in demand, coupled with historically low interest rates, ignited a housing boom. It quickly became a seller's market in with bidding wars becoming commonplace and prices escalating rapidly. I vividly remember seeing homes listed and being under contract within 24 hours, often with a staggering 8 to 16 offers on the table! As realtors, we had to have our buyers fully pre-approved and all their documents ready to go. It came down to the offer amount and their signatures and buyers had to be prepared to make a decision and act that day. 

Fast Forward: The Luzerne County Housing Market Today (2025)

Fast forward five years, and while the initial frenzy has cooled somewhat, the effects of the pandemic are still deeply ingrained in the current Luzerne County housing market.

• Continued Low Inventory: While the extreme shortage of homes we saw in 2021 and 2022 has eased slightly, the lack of available homes for sale in Luzerne County remains a significant factor. Many homeowners who refinanced at ultra-low rates are hesitant to sell and face higher mortgage rates on their next purchase. Economic uncertainties, including inflation and concerns about a potential recession, also contribute to this reluctance.
• Shifting Rental Landscape: The rental market today is also different beast. Increased demand during the pandemic, coupled with rising property values, has led to significant rent increases. Finding affordable rental options remains a challenge for many.

Is it Still a Seller's Market in Luzerne County? While the market isn't as fiercely competitive as it was a few years ago, it still leans towards a seller's market in many segments. Well-priced, desirable homes in good condition still tend to sell relatively quickly, although buyers now have slightly more negotiating power.

The Million-Dollar Question: Will Housing Prices Stabilize or Soar Further?

Trying to figure out where the housing market is headed? It's not crystal clear, but we can look at what's happening now to get a better idea by researching the current trends and various forces that impact the market. They way we see it, higher interest rates might slow down price hikes. More houses could come on the market, giving buyers more options. And let's face it, prices can't skyrocket forever.

But... we still don't have a ton of homes for sale. If more people keep wanting to move here, demand stays strong. Plus, building new homes is still pricey.

Things become a little more balanced, but huge price drops seem less likely right now. It really depends on how all these different things play out. 

Let's Keep the Conversation Going!

What are you seeing out there? Share your experiences and questions in the comments below, let's learn from each other! And if you found this helpful, please share it.