The story of this market
The typical home in ZIP 97355 sells for about $403,500, or $270 per square foot.
Prices are down 21.95% from a year ago, which gives buyers more room to negotiate. Homes take about 58 days to sell. HUD's fair market rent for a two-bedroom is $1,795 a month.
ZIP 97355 — Lebanon
The Lebanon housing market is showing signs of stabilization after a period of price volatility, with a median sale price of $403,500. While year-over-year price changes have been negative, the high volume of new residential permits suggests strong long-term growth potential. The market remains attractive to families and commuters looking for value within the Willamette Valley.
This ZIP is well-suited for family buyers and commuters seeking a more affordable alternative to larger nearby metro hubs, offering a mix of established housing and new construction.
Median prices moved down 21.9% year over year.
Homes spend a median of 58 days on market with 4.1 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.8% · poverty 12.1% — a stable, low-distress profile.
versus the prior ACS vintage
ZCTA 97355, Linn County OR
Schools in the area are primarily served by the Lebanon Community School District, which provides a range of public education options for the local population.
The area is subject to standard regional risks including wildfire and flood potential, typical of the Willamette Valley, with insurance premiums influenced by state-wide hazard exposure.
Lebanon has seen significant residential development momentum, with a 44.6% increase in permitted housing units in 2024, driven by a mix of single-family and multi-family projects.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Oregon) — Active-Duty Military Property Tax Exemption: Allows for the exemption of a portion of the assessed value of a primary residence from local property taxes for a period of three to five years in standard zones, or up to 15 years in rural zones. State (Oregon) — Disabled Veteran or Surviving Spouse Property Tax Exemption: Provides a reduction in the assessed value of the primary residence, effectively lowering the property tax burden based on the exemption amount set by statute. State (Oregon) — Ad Valorem Property Tax: Tax is calculated on the lesser of Real Market Value (RMV) or Maximum Assessed Value (MAV). MAV is limited to a 3% annual growth rate unless physical changes occur to the property. The tax is the product of the taxable assessed value and the local taxing district's millage rate.
Residents primarily commute via highway corridors toward the Albany-Corvallis employment core, with typical drive times reflecting a suburban-to-regional-hub profile.
The area features access to local parks, trails, and proximity to the South Santiam River, providing outdoor recreation opportunities within a short distance of residential centers.
The rental market is characterized by a median asking rent of $1,795, with a significant portion of the housing stock (approximately 32%) occupied by renters.
The local economy is anchored by healthcare, education, and manufacturing sectors, with significant employment ties to the broader Albany-Corvallis metropolitan area.
Transportation is primarily highway-dependent, with major corridors connecting Lebanon to the I-5 interstate and regional employment centers.
Development pipeline includes a mix of single-family subdivisions and multi-family apartment complexes, reflecting the city's focus on increasing housing density.
Linn County Assessor manages property valuations based on annual market assessments and state-mandated tax limitations.
Parcels are subject to local school district taxes, county levies, and specific utility district assessments common in the Willamette Valley.
Property insurance markets in Oregon are currently experiencing upward pressure on premiums due to regional wildfire risks and broader climate-related hazard assessments.
Data retrieved from Census Reporter and data.census.gov ZCTA profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Linn County Expo Center4.515.7 mi
- Calapooia Brewing4.517.3 mi
- Willamette Speedway4.68 mi
- Conversion Brewing4.66.7 mi
- GameTime SportsBar & Grill4.36.6 mi
- McDowell Creek Falls County Park4.86.9 mi
- Majestic Falls4.86.9 mi
- Lewis Creek Park4.510.5 mi
- Sunnyside County Park4.510.9 mi
- Santiam Excursions4.46.9 mi
- Historic Carousel & Museum4.818 mi
- Hannah Covered Bridge4.612.2 mi
- Thompson's Mills | State Heritage Site4.816.2 mi
- Historic Larwood Covered Bridge4.76.5 mi
- Historic Hoffman Covered Bridge4.79.8 mi
- McDowell Creek Falls County Park4.86.9 mi
- Waterloo County Park4.44.1 mi
- Majestic Falls4.86.9 mi
- Lewis Creek Park4.510.5 mi
- Sunnyside County Park4.510.9 mi
- Edgewater RV Resort & Marina4.310.4 mi
- Pineway Golf Course4.35.1 mi
- Safeway46.7 mi
- Safeway3.99.9 mi
- Grandpa's Fresh Market4.710.5 mi
- Dollar General4.110 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides recreational access for fishing, boating, and scenic views.
A major local park offering trails and community event space.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.