The Multiple Listing Service of the Lubbock Association of REALTORS® includes residential properties and new homes listed by over 1,700 REALTORS®.
Lubbock Real Estate Begins the New Year in Positive Territory
The January 2024 market statistics for the Lubbock Metropolitan Statistical Area (MSA) shows some positive trends as well as notable changes in the real estate market, presenting new opportunities for homebuyers.
Market Overview
- Median Home Price: The median home price in Lubbock decreased to $225,000 in January 2024, a decline of 11.3% compared to January 2023.
- Closed Sales: The number of closed sales increased by 6.0% year-over-year, with 281 homes sold in January 2024.
- Active Listings: Active listings saw a significant rise, reaching 1,291 properties, up 38.7% from the previous year.
- Months of Inventory: The months of inventory available increased to 3.4 months, a 42.6% rise from January 2023.
Detailed Market Statistics
- Days on Market: Homes in Lubbock spent an average of 52 days on the market, one day more than in January 2023.
- Days to Close: The average number of days to close a transaction remained unchanged at 31 days. The total transaction time increased by one day to 83 days.
- Median Price per Square Foot: The median price per square foot was $134.44, reflecting a year-over-year increase of 0.8%.
- Median Home Size: The median home size was 1,760 square feet, with homes typically built in 2002.
- Close to Original List Price Ratio: Homes sold at 94.4% of their original list price.
Price Distribution
The distribution of home prices in Lubbock for January 2024 is as follows:
- Homes priced under $100,000: 26.8%
- Homes priced between $100,000 and $199,999: 37.5%
- Homes priced between $200,000 and $299,999: 14.1%
- Homes priced between $300,000 and $399,999: 8.6%
- Homes priced between $400,000 and $499,999: 4.5%
- Homes priced between $500,000 and $749,999: 6.0%
- Homes priced between $750,000 and $999,999: 1.9%
- Homes priced at $1,000,000 and above: 0.7%
The decline in median home prices indicates a potential cooling of the market, providing more affordability, a welcome sign for buyers.
The extended days on market and unchanged transaction times reflect a market in transition, where buyers may have more time to make purchasing decisions while sellers may need to adjust expectations.
