Lubbock area home sales up, prices rise in October 2016
November 21, 2016 – Lubbock area home sales rose 11.7 percent compared to the same month last year while home prices increased, according to the October 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.
According to the report, 277 homes were sold in Lubbock in October 2016, up 11.7 percent from the year prior. The median price for Lubbock area homes increased 11 percent year-over-year to $156,400 during the same time frame.
Lubbock’s monthly housing inventory* was 2.9 months in October 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. Due to such a low invetory, buyers should be prepared to act quickly on prospective homes.
Homes spent an average of 47 days on the market in October 2016, unchanged from the same time in 2015. Additionally, the number of active listings on the market decreased 5.5 percent, with 926 active listings compared to 977 in October 2015.
October 2016 Statistics At-A-Glance
- 277 – Homes sold in October 2016, up 11.7 percent from October 2015.
- $156,400 – Median home price, 11 percent more than October 2015.
- 2.9 – Monthly housing inventory in October 2016, slightly less than the year prior.
- 47 – Average number of days homes spent on the market in October 2016, unchanged compared to October 2015.
- 926 – Active home listings on the market in October 2016, 5.5 percent less than October 2015.
- 2016 October 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® and its 1,000+ members are committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.