December 2021 housing report shows consumer demand for housing kept the Lubbock market sizzling
The second year of a global pandemic, record low housing inventory, building supply and labor shortages that challenged home builders, and rising home prices could not prevent the Lubbock real estate market from turning 2021 into a record year. Single-family home sales surpassed 2020’s record number by more than 11 percent, and total dollar volume soared almost 24 percent to a record $1.3 billion.
Lubbock’s pandemic-resistant real estate market goes back to 2020, the Lubbock Association of Realtors (LAR) leadership worked with local elected officials to ensure real estate was labeled an essential service. This enabled Realtors to continue to help would-be homebuyers take advantage of historically low mortgage interest rates. Realtors used virtual technology that made it possible for consumers to attend open houses and property showings remotely, and remains an important part of the real estate industry.