Is Lebanon, PA 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, PA
How much do homes in Lebanon, PA cost?
Median Sold Price
$234,600
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lebanon have sold for 20.3% more than they did a year ago.
Summary: The median home sold price in Lebanon was $234,600 in May 2024, up 20.3% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $98.7K | $143K | +44.8% |
| 2 Bedrooms | $142.2K | $187.5K | +31.8% |
| 3 Bedrooms | $195K | $220.5K | +13.1% |
| 4 Bedrooms | $243K | $315.7K | +29.9% |
| 5+ Bedrooms | $255K | $340K | +33.3% |
Summary: Lebanon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 44.8%, 2 bedroom homes increased by 31.8%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 29.9%, and 5+ bedroom homes increased by 33.3%.
Median Sold Price Compared To Nearby Cities
| Lebanon | $194.9K | $234.6K | +20.3% |
| North Lebanon Township | $275K | $310K | +12.7% |
| South Lebanon Township | $280K | $288K | +2.9% |
| North Cornwall Township | $300K | $280.9K | -6.4% |
Housing Supply in Lebanon, PA
How many homes are available in Lebanon, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 225 | 235 | +4.4% |
Summary: The Lebanon real estate market had 235 homes for sale in May 2024, a 4.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 29 | 36 | +24.1% |
| 3 Bedrooms | 111 | 118 | +6.3% |
| 4 Bedrooms | 66 | 59 | -10.6% |
| 5+ Bedrooms | 16 | 20 | +25.0% |
Summary: The Lebanon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 24.1%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 10.6%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 48 | 43 | -10.4% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lebanon, expect to pay close to the asking price. 46.5% of homes here sold near the asking price last month.
Summary: A total of 43 homes were sold or pending in Lebanon in May 2024, down by 10.4% month-over-month. Of the 43 sold homes, 19% were sold under asking, 47% were sold at asking, and 35% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 13 Days | -33.1% |
Summary: Homes in Lebanon had an average of 13 days on market in May 2024, down by 33.1% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
3 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 May 2024, 43 homes were sold in Lebanon; 91% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
