Is Lebanon, TN 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 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, TN

How much do homes in Lebanon, TN cost?

Median Sold Price

$420,050

$214/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$45,070(+12.0%)

Key Takeaway

Homes in Lebanon have sold for 12% more than they did a year ago.

Summary: The median home sold price in Lebanon was $420,050 in May 2024, up 12% from last year, and the median price per square foot was $214.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$109K
N/A
2 $289.9K$291.9K
+0.7%
3 $340.9K$374.9K
+10.0%
4 $508.4K$541.2K
+6.4%
5+ $527.6K$558.8K
+5.9%

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 increased by 0.7%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 5.9%.

Housing Supply in Lebanon, TN

How many homes are available in Lebanon, TN?

Number of Homes For Sale

Apr 2024May 2024CHANGE
525582+10.9%

Summary: The Lebanon real estate market had 582 homes for sale in May 2024, a 10.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 4944
-10.2%
3 279292
+4.7%
4 153193
+26.1%
5+ 4251
+21.4%

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 decreased by 10.2%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 26.1%, and 5+ bedroom homes increased by 21.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
108114+5.6%

Asking Price vs. Sold Price

46 Homes Were Sold
Under Asking

44 Homes Were Sold
At Asking

20 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. 41.8% of homes here sold below asking price last month.

Summary: A total of 114 homes were sold or pending in Lebanon in May 2024, up by 5.6% month-over-month. Of the 110 sold homes, 42% were sold under asking, 40% were sold at asking, and 18% were sold over asking.

Days on Market for Lebanon, TN

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

Average Sale Time

May 2023May 2024CHANGE
24 Days25 Days+6.6%

Summary: Homes in Lebanon had an average of 25 days on market in May 2024, up by 6.6% compared to last year.

Breakdown of Home Sale Times

86 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

9 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 May 2024, 114 homes were sold in Lebanon; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% 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 1 Day Ago

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