Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 4,614 people, 1,728 houses or apartments, and a median cost of homes of $234,896, house prices in Lebanon are solidly below the national average.
Single-family detached homes are the single most common housing type in Lebanon, accounting for 59.16% of the city's housing units. Other types of housing that are prevalent in Lebanon include large apartment complexes or high rise apartments ( 15.78%), row houses and other attached homes ( 14.19%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.61%).
People in Lebanon primarily live in small (one, two or no bedroom) single-family detached homes. Lebanon has a mixture of owner-occupied and renter-occupied housing.
Lebanon homes and real estate are some of the newest in America. 32.56% of Lebanon's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Lebanon real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 23.81%), and before 1939 ( 22.46%). There's also some housing in Lebanon built between 1940-1969 ( 21.16%).
Vacant housing appears to be an issue in Lebanon. Fully 16.88% of the housing stock is classified as vacant. Left unchecked, vacant Lebanon homes and apartments can be a drag on the real estate market, holding Lebanon real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Lebanon's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lebanon during the period has been just 4.72%, which is lower than 80% of US communities.
Appreciation rates are so strong in Lebanon that despite a nationwide downturn in the housing market, Lebanon real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lebanon appreciation rates continue to be some of the highest in America, at 8.82%, which is higher than appreciation rates in 79.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lebanon. Lebanon appreciation rates in the latest quarter were at 1.09%, which equates to an annual appreciation rate of 4.45%.
Relative to Illinois, our data show that Lebanon's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.
$234,896
for Illinois
for nation
1,728
$2,013 / per month