Is Lebanon, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lebanon was a Seller's Market.
Key Takeaway
Lebanon is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lebanon, PA
How much do homes in Lebanon, PA cost?
Median Sold Price
$232,941
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lebanon have sold for 47.4% more than they did a year ago.
Summary: The median home sold price in Lebanon was $232,941 in March 2024, up 47.4% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72.5K | $122.5K | +69.0% |
| 2 Bedrooms | $117K | $180K | +53.8% |
| 3 Bedrooms | $155K | $230.9K | +49.0% |
| 4 Bedrooms | $185.9K | $295K | +58.7% |
| 5+ Bedrooms | $227K | $402.5K | +77.3% |
Summary: Lebanon housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 69%, 2 bedroom homes increased by 53.8%, 3 bedroom homes increased by 49%, 4 bedroom homes increased by 58.7%, and 5+ bedroom homes increased by 77.3%.
Median Sold Price Compared To Nearby Cities
| Lebanon | $158K | $232.9K | +47.4% |
| North Lebanon Township | $275K | $292K | +6.2% |
| North Cornwall Township | $290K | $292K | +0.7% |
| South Lebanon Township | $302K | $270K | -10.6% |
Housing Supply in Lebanon, PA
How many homes are available in Lebanon, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 253 | 253 | 0.0% |
Summary: The Lebanon real estate market had 253 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 35 | 28 | -20.0% |
| 3 Bedrooms | 135 | 134 | -0.7% |
| 4 Bedrooms | 59 | 67 | +13.6% |
| 5+ Bedrooms | 20 | 20 | 0.0% |
Summary: The Lebanon housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 54 | 40 | -25.9% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lebanon, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 40 homes were sold or pending in Lebanon in March 2024, down by 25.9% month-over-month. Of the 40 sold homes, 40% were sold under asking, 28% were sold at asking, and 33% were sold over asking.
Days on Market for Lebanon, PA
How long does it take to sell a home in Lebanon, PA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 15 Days | 24 Days | +57.3% |
Summary: Homes in Lebanon had an average of 24 days on market in Mar 2024, up by 57.3% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lebanon are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 40 homes were sold in Lebanon; 83% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
