Is Lebanon, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$185,000
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lebanon have sold for 2.8% more than they did a year ago.
Summary: The median home sold price in Lebanon was $185,000 in May 2024, up 2.8% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $115K | N/A |
| 2 Bedrooms | $137.5K | $126K | -8.4% |
| 3 Bedrooms | $170K | $234K | +37.6% |
| 4 Bedrooms | $242K | $330K | +36.4% |
| 5+ Bedrooms | $672.5K | $425K | -36.8% |
Summary: Lebanon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 8.4%, 3 bedroom homes increased by 37.6%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes decreased by 36.8%.
Median Sold Price Compared To Nearby Cities
| Lebanon Township | $170K | $198K | +16.5% |
| Lebanon | $180K | $185K | +2.8% |
| O'Fallon Township | $295K | $299K | +1.4% |
Housing Supply in Lebanon, IL
How many homes are available in Lebanon, IL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 21 | +40.0% |
Summary: The Lebanon real estate market had 21 homes for sale in May 2024, a 40.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 8 | 10 | +25.0% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Lebanon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 6 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
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 6 homes were sold or pending in Lebanon in May 2024, up by 100.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 48 Days | 25 Days | -48.3% |
Summary: Homes in Lebanon had an average of 25 days on market in May 2024, down by 48.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lebanon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 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.
Listings courtesy of Mid America Regional Information System as distributed by MLS GRID.