Lebanon Ohio 45036 Single Family Home Residential Market Report September 2013
How's the Lebanon Ohio real estate market as the fall season arrives? Did we get the typical school has started slowdown? Stay with us for the full Lebanon real estate market report and some Search Lebanon Ohio homes for sales links towards the end!
All data is derived from the Cincinnati MLS system. If any Lebanon homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Lebanon School District area, so is not limited solely to Lebanon city limits.
With Lebanon being named one of Ohio magazine's Top 5 Hometowns for 2012, Lebanon has some strong reasons to call it home! With the world's largest YMCA, ready access to Cincinnati and Dayton, and a cool historic downtown area that is host to an abundance of festivals throughout the year, it's easy to understand why many people pick the Lebanon area over surrounding communities! Furthermore, the cost of living in Lebanon is more affordable than some other Warren County communities. Don't let a few extra miles of driving scare you off from saving big money on your housing costs! Get to know www.GasBuddy.com and save some money on your fuel!
Lebanon offers a full range of price points, from below 100k to some estate homes under a million dollars. There is still new construction available, so you can pick any age from historic to brand new.
Candlewood luxury development of Lebanon Ohio
So on to the review!
First up is the number of Lebanon single family homes sold on a month by month basis for 2010, 2011, 2012 and now 2013:
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary:
Homes Sold: 36 (6 Bank/Government Owned, 4 Short Sale) DOWN 13
Average Price: $169,101 DOWN $12k
Median Price: $162,150 UP $2k
Days on Market Average: 78 SAME
Homes Active 10/6/13: 180 UP 4
Homes Pending 10/6/13: 75 DOWN 1
Sales/List %: 97.1% UP .9%
Most Expensive Home Sold: $376,250
Least Expensive Home Sold: $11,500
So what can we determine from the latest statistics?
We'd consider this essentially a "normal" month for this time of year in Lebanon (if in real estate there is every truly anything normal!). Sales volume did drop from last month (as expected), but overall 36 sales is still higher than most months in the past few years. We're not huge fans of 10 of the 36 sales being distressed properties, but it is good that these homes in trouble are getting new owners who can take care of them.
The pricing is fairly consistent with the expected range, with a balance towards cheaper homes this month (5 sales below $100k, only 2 above $300k).
Inventory is flat, with actives and pendings almost the same as last months totals. Days on market for the sold homes is constant also.
The Lebanon luxury ($500,000 or more) real estate market continues to be slow and luxury home owners are losing the battle with Mason unless the home offers something the buyers can't find in Mason (think horse farms, lots of acreage, etc.).
So what does this mean to you as a Lebanon single family home owner? Overall, there's still no major deterrent to selling your Lebanon home. The market is still much better than recent years and your odds of success are solid with proper marketing and pricing. The biggest ongoing objection from buyers will be a perception of being "too far out", but that's okay. Fact is, the opportunity to be successful is here now. Hire us and cooperate with our advice and we can give you a clear path to success. The key will continue to be PRICE RIGHT, MARKET RIGHT.
Be aware you're competing with some distressed properties AND new construction. And buyers are still quite willing to throw out a low offer and see if it sticks.
For an evaluation of your specific home's marketability, please contact us.
So what does this mean to you as a potential Lebanon home buyer?
No real change here, you've got competition although perhaps a bit less as school has started and some buyers don't want to disrupt the kids during the school year. The Lebanon market continues to offer good value and the area offers great quality of life. Don't expect to seriously underbid a home and get to call it yours. Sellers know they can wait for a better offer.
The selection of foreclosed/short sale homes is also a bit broader than some other sections of the local market, with 23 foreclosed or short sale homes listed as Active in Cincinnati MLS.
When you're considering buying a Lebanon home, please contact us with your needs and we'll help you find the right community for you! You can use the links below to review Cincinnati MLS homes listed in Lebanon for each of three price bands.
Search Lebanon Ohio 45036 Homes For Sale $400,000 and Up
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz