What's My Lebanon Ohio Home Worth? June 2014 Real Estate Update
The summer party time is here! Fireworks the last few nights can easily be seen and heard as local celebrations mark July 4th! Has the Lebanon real estate market gone up, and your home's worth with it? Stay with us for the full Lebanon real estate market report and Search Lebanon Ohio homes for sale links towards the end.
All data is derived from the Cincinnati MLS system. If any Lebanon single family homes 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.
Countryside, a pool community of Lebanon Ohio
So on to the review!
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary:
Homes Sold: 35 (1 Bank/Government Owned, 0 Short Sale) UP 6
Average Price: $208,181 FLAT
Median Price: $187,000 DOWN $8k
Days on Market Average: 85 DOWN 54
Homes Active 7/5/14: 180 UP 19
Homes Pending 675/14: 70 DOWN 6
Sales/List %: 97.2% UP 2.2%
Most Expensive Home Sold: $400,000
Least Expensive Home Sold: $20,000
So what are the key takeaways from this month's numbers?
- Overall, a solid month! Average price was within $200 of being the same as last month. Median price moved down slightly and not enough to be of concern if you're wondering if it hurt your home's value.
- Time to get under contract (days on market) dropped back to closer to where it was in April after a HUGE jump last month due to some much longer than average homes sold.
- Not too much sold on the low end, with only 2 homes sold below $100k. On the other hand, 7 homes sold at $300k or above.
- The number of homes for sale increased, typical as school lets out and more people try to sell their homes prior to school reopening.
- Not too much being given away in negotiations, with less than 3% discounted from asking price to sold price.
- Also not much impact from distressed homes. Only 1 foreclosed home sold out of 35 total sold, and of the 180 for sale, only 12 are foreclosed or short sales.
- We're going to continue to do the broken record routine for the luxury market in Lebanon. Luxury homes continue to be the weakest segment of sales for Lebanon. With the highest sale in May at $400,000, you can see selling a $500,000 or more home is just tough. Most buyers wanting that segment head to Mason or Springboro.
So what does this mean to you as a Lebanon single family home owner?
The Lebanon market continues to be stable. Solid pricing, relatively short time on market, and depending on the segment of the market, not a tremendous amount of competition. If you want to sell, we see no solid reason to discourage you. Foreclosures and short sales are now a minimal impact, and you're not going up against significant new construction (yet....we keep hearing about future developments coming, but we'll see how that goes).
And if you're not quite ready to enter the market, it's the PERFECT time to meet with us and get your To Do list ready to have your home optimally ready for when you ARE ready to sell your home!
For an evaluation of your specific home's marketability, please contact us 513-265-3004 or 513-520-5305.
So what does this mean to you as a potential Lebanon home buyer?
Not much has changed here either. The high number of Pending sales tells us you have plenty of competition for the best homes. Don't assume you can "low ball" a seller and walk away with the keys.
The selection of foreclosed/short sale homes is shrinking, and 8 total foreclosed or short sale homes listed as Active in Cincinnati MLS severely limits your choices if that category is ALL you're interested in.
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