Lubbock area home sales rise, prices rise in September 2016
October 31, 2016 – Lubbock area home sales rose 9 percent compared to the same month last year while home prices increased, according to the September 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.
According to the report, 316 homes were sold in Lubbock in September 2016, up 9 percent from the year prior. The median price for Lubbock area homes increased 7 percent year-over-year to $149,000 during the same time frame.
Lubbock’s monthly housing inventory* was 2.9 months in September 2016, slightly less than the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 41 days on the market in September 2016, 6 days more than September 2015. Additionally, the number of active listings on the market decreased 8 percent, with 912 active listings compared to 985 in September 2015.
September was a strong month for home sales. With Lubbock continuing to be a strong seller's market, buyers should be prepared to act quickly and be know that they could find themselves in multiple-offer situations.
September 2016 Statistics At-A-Glance
- 316 – Homes sold in September 2016, up 9 percent from September 2015.
- $149,000 – Median price in September 2016, 7 percent more than September 2015.
- 2.9 – Monthly housing inventory in September 2016, slightly less than September 2015.
- 41 – Average number of days homes spent on the market in September 2016, 6 days more than September 2015.
- 912 – Active home listings on the market in September 2016, 8 percent less than September 2015.
- 2016 September Infographic
With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.
About the Lubbock Association of REALTORS®
The Lubbock Association of REALTORS® is committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.