Is Lebanon, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lebanon is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Lebanon has remained a Seller's Market.

Key Takeaway

Lebanon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lebanon, IL

How much do homes in Lebanon, IL cost?

Median Sold Price

$234,000

$112/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$54,000(+30.0%)

Key Takeaway

Homes in Lebanon have sold for 30% more than they did a year ago.

Summary: The median home sold price in Lebanon was $234,000 in April 2024, up 30% from last year, and the median price per square foot was $112.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 -$115K
N/A
2 $137.5K$128K
-6.9%
3 $173.2K$240K
+38.5%
4 $242K$330K
+36.4%
5+ $675K$435K
-35.6%

Summary: Lebanon housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 6.9%, 3 bedroom homes increased by 38.5%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes decreased by 35.6%.

Median Sold Price Compared To Nearby Cities

Lebanon Township
+37.1%
Lebanon
+30.0%
O'Fallon Township
0.1%

Housing Supply in Lebanon, IL

How many homes are available in Lebanon, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
1517+13.3%

Summary: The Lebanon real estate market had 17 homes for sale in April 2024, a 13.3% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 44
0.0%
3 99
0.0%
4 12
+100.0%
5+ 12
+100.0%

Summary: The Lebanon housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
43-25.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lebanon, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Lebanon in April 2024, down by 25.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.

Days on Market for Lebanon, IL

How long does it take to sell a home in Lebanon, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
14 Days16 Days+13.6%

Summary: Homes in Lebanon had an average of 16 days on market in Apr 2024, up by 13.6% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lebanon are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 3 homes were sold in Lebanon; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated Apr 1, 2024

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MLS Disclaimers and Copyright

Based on information from Mid America Regional Information System for the period 05/01/2022 - 05/01/2024

IDX Listings courtesy of Mid America Regional Information System as distributed by MLS GRID.

All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

IDX Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

IDX information is provided exclusively for consumers personal non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID, and that the use of the MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time. MLS GRID may, at its discretion, require use of other disclaimers as necessary to protect Member Participant, and/or their MLS from liability.

Listings courtesy of MARIS MLS as distributed by MLS GRID. Copyright © 2024 Mid America Regional Information System (MARIS). All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 6/1/2024, 12:53:31 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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