Here's the condensed version: coronavirus has SLOWED the Lebanon Ohio real estate market, but NOT destroyed it. The PAUSE the state put in place is basically what has happened with home sales. Instead of being in peak market, we're behind the norm but there is pent up demand. There's a surge in homes under contract, and if you expected prices to plummet, you guessed wrong. No reason to sell cheaper at all! Okay, you got the condensed version, jump to the graphs and stats below to get the details.
We offer links at the bottom of the post to search Cincinnati MLS listed Lebanon Ohio homes for sale, and if you want specifics for What Is My Lebanon Ohio Home Worth?, please click that link and fill out the form. We'll get back to you shortly with the latest info that applies to YOUR home!
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.
Some reasons why Lebanon Ohio is a great place to live:
- Named one of Ohio magazine's Top 5 Hometowns for 2012
- HUGE YMCA
- Ready access to Cincinnati and Dayton
- A cool historic downtown area
- Host to an abundance of festivals throughout the year
- The cost of living in Lebanon is more affordable than some other Warren County communities
- A full range of housing price points, from below 100k to some estate homes under a million dollars.
- There is still new construction available, but you can pick any age from historic to brand new.
Countryside, a pool community of Lebanon Ohio
So on to the review, first up, completed sales!
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary
Homes Active 5/8/20: 59 UP 4
Homes Pending 5/8/20: 85 UP 15
Homes Sold: 31 (0 Bank/Government Owned, 0 Short Sale, 5 New Construction) DOWN 7
Average Price: $298,309 UP $21k
Median Price: $239,900 FLAT
Days on Market Average: 47 UP 3 (Median 5 days)
Sales/List %: 98.6% DOWN 1.2%
Most Expensive Home Sold: $791,161
Least Expensive Home Sold: $45,000
So what are the key takeaways from this month's numbers?
- The most obvious thing? Yes, total sales is down significantly when compared to 2019, and down from March to April. That makes sense since completed sales lag 30-45 days from contract initiation. Backtrack and that puts us in the beginnings of the shelter in place orders.
- Prices though? Stable. The median price was within $100 of the previous month. You got that right, a C-note. Doesn't get any closer than that.
Time to sell was similar, about 7 weeks on average, but 1/2 went under contract in 5 days or less..
- Three homes sold for more than $500,000 and only one home sold for less than $100,000.
- The number of homes under contract increased SIGNIFICANTLY. There were just enough new homes coming on the market to gain SLIGHTLY for total homes for sale. However, considering 25 of the 59 homes not under contract are new construction, there's just not much to pick from. Especially scarce? Homes priced under $200,000. As of this evening, only ONE home under 200k is available for sale and not already under contract.
- Distressed (short sales and foreclosures) properties accounted for no completed sale. There are no distressed properties NOT under contract.
So what does this mean to you as a Lebanon single family home owner?
NO CHANGE: Despite the issues with coronavirus, it's still a good time to be a Lebanon home seller. The shortage of resale homes works to your advantage, and a fair number of the new construction homes are at higher price points.
Give us a call and we can meet and determine what is best for your personal circumstances.
You're not going up against significant new construction in MOST communities, but places like Shaker Run and Trails of Shaker Run new construction do challenge your ability to sell. And just getting started is the HUGE Union Village community.
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 513-520-5305.
So what does this mean to you as a potential Lebanon home buyer?
NO CHANGE. We're approaching the busier time of the year, so keep an eye out for new listings and act quickly.
The selection of foreclosed/short sale homes is minimal to nonexistent, so don't count on finding one to buy, much less one in good condition.
When you're considering buying a Lebanon home, please contact us 513-520-5305 or Liz@LizSpear.com 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
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