Lebanon’s real estate boom shows no signs of slowing down

(Photo: WKRN)

LEBANON, Tenn. (WKRN) – The number of houses being built in Lebanon has increased each year since 2013.

The Lebanon Planning Commission approved more than 2,100 units to be built in 2017, and because more and more people are moving to the area, that number is expected to increase this year.

“There’s a lot going on to the west which is closer to Nashville, but the heart of town to the north is really surprisingly growing, has a lot of development going on there. For a long time we haven’t had anything to the east and we’re starting to see some movement to the east further away from Nashville so we’re really just spreading it out,” said Planning Director Paul Corder.

Corder said there’s a lot of demand to live in a small town with walkability.

He said, “Lebanon’s got that type of feel as well if you want to be able to come downtown and walk around, get to the post office or the courthouse or restaurants, the library, our college; Cumberland University’s within walking distance of the square.”

(Photo: WKRN)

There are currently 33 neighborhoods under construction in Lebanon. One notable development is River Oaks, which is approved for 165 lots.

“If you were looking at construction with River Oaks you’ve seen a bunch of trees clear right off of Highway 70, so people are saying, ‘What’s going on over there?’ And it’s a new neighborhood that’s coming in with homes around $300,000, and then also has a commercial use in the front,” Sarah Haston, Lebanon Economic Development Director told News 2.

Haston said there’s still plenty of room left for more growth.

“When we look at where the growth is coming, it’s obviously coming from west to east, and that whole Highway 70 is prime for growth, and when we have people scouting the area and they call me and they want the numbers, they used to always focus on that 231 South where Walmart is, and that was where they wanted the numbers. But doing more data analysis, we’ve seen those numbers increase if we use Publix as a hub, and if we use Home Depot as a hub,” she said.

Contractors are being brought in from other areas to keep up with the growth.

Haston said, “I think that’s why the hotels are so busy as well, they’re bringing people in from Kentucky and these corporations are bringing their teams in.”

Here are the numbers of single-family homes built in Lebanon over the past few years:

Single-family homes built in the City of Lebanon:
2013 – 237
2014 – 272
2015 – 314
2016 – 325
2017 – 473

News 2 was told that from April 2010 to February 2016, 6,542 people moved to Lebanon, which is about 92 people a month.

The population in 2010 was 26,190, and 32,732 in 2016. If that pace is continues, the estimated population is around 34,940. If you go by building permits, the estimated population is around about 36,723.

We’re also the average price you’ll pay for a 2,000 to 2,500 square foot home right now is $362,500.