Is Lebanon, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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, PA
How much do homes in Lebanon, PA cost?
Median Sold Price
$231,750
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lebanon have sold for 28.8% more than they did a year ago.
Summary: The median home sold price in Lebanon was $231,750 in April 2024, up 28.7% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $98.7K | $143K | +44.8% |
| 2 Bedrooms | $114K | $185K | +62.3% |
| 3 Bedrooms | $180K | $229.3K | +27.4% |
| 4 Bedrooms | $227.5K | $297.5K | +30.8% |
| 5+ Bedrooms | $255K | $402.5K | +57.8% |
Summary: Lebanon housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 44.8%, 2 bedroom homes increased by 62.3%, 3 bedroom homes increased by 27.4%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 57.8%.
Median Sold Price Compared To Nearby Cities
| Lebanon | $180K | $231.7K | +28.7% |
| North Lebanon Township | $270K | $300K | +11.1% |
| North Cornwall Township | $275K | $292K | +6.2% |
| South Lebanon Township | $300K | $277.5K | -7.5% |
Housing Supply in Lebanon, PA
How many homes are available in Lebanon, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 192 | 211 | +9.9% |
Summary: The Lebanon real estate market had 211 homes for sale in April 2024, a 9.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 23 | 27 | +17.4% |
| 3 Bedrooms | 103 | 107 | +3.9% |
| 4 Bedrooms | 52 | 61 | +17.3% |
| 5+ Bedrooms | 12 | 13 | +8.3% |
Summary: The Lebanon housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 45 | 47 | +4.4% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lebanon, expect to pay close to the asking price. 38.3% of homes here sold near the asking price last month.
Summary: A total of 47 homes were sold or pending in Lebanon in April 2024, up by 4.4% month-over-month. Of the 47 sold homes, 36% were sold under asking, 38% were sold at asking, and 26% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 16 Days | 22 Days | +37.7% |
Summary: Homes in Lebanon had an average of 22 days on market in Apr 2024, up by 37.7% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 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 April 2024, 47 homes were sold in Lebanon; 77% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
