Lubbock area home sales increase substantialy, prices rise in November 2016
December 19, 2016 – Lubbock area home sales were up dramatically in November, with 28.8 percent more homes sold compared to November 2016. Home prices increased 11 percent, according to the November 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.
According to the report, 264 homes were sold in the Lubbock MSA in November 2016, up 28.8 percent from the year prior. The median price for Lubbock area homes increased 11 percent year-over-year to $155,000 during the same time frame.
Lubbock’s monthly housing inventory* was 2.7 months in November 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. Lubbock's home invetory has remained low throughout 2016, so buyers should be prepared to act quickly. Buyers should also expect to make full-price offers with little to no concessions, depending on their price range.
Homes spent an average of just 39 days on the market in November 2016, 6 days less than November 2015. Additionally, the number of active listings on the market decreased 2.7 percent, with 893 active listings in November this year.
November 2016 Statistics At-A-Glance
- 264 – Homes sold in November 2016, up 28.8 percent compared to November 2015.
- $155,000 – Median home sales price, 11 percent more than November 2015.
- 2.7 – Monthly housing inventory in November 2016, slightly less than the year prior.
- 39 – Average number of days homes spent on the market in November 2016, 6 days less than November 2015.
- 893 – Active home listings on the market in November 2016, 2.7 percent less than November 2015.
- 2016 November 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.