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 a population of 3,107, 1,276 total housing units (homes and apartments), and a median house value of $223,735, 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 65.52% of the town's housing units. Other types of housing that are prevalent in Lebanon include large apartment complexes or high rise apartments ( 15.85%), duplexes, homes converted to apartments or other small apartment buildings ( 9.44%), and a few mobile homes or trailers ( 5.49%).
The most prevalent building size and type in Lebanon are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.27% owning and 36.73% renting.
There is a lot of housing in Lebanon built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lebanon built between 1940-1969 ( 41.02%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.67%). There's also some housing in Lebanon built before 1939 ( 1.30%).
Vacant housing appears to be an issue in Lebanon. Fully 21.28% 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 5.59%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Lebanon's appreciation rate, at 6.78%, has been at or slightly above the national average. In the latest quarter, Lebanon's appreciation rate has been 2.32%, which annualizes to a rate of 9.62%.
Relative to Virginia, our data show that Lebanon's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.
$223,735
for Virginia
for nation
1,276
$1,058 / per month