The Multiple Listing Service of the Lubbock Association of REALTORS® includes residential properties and new homes listed by over 1,700 REALTORS®.
Lubbock Housing Market Surges in February 2024: Price Growth and Increased Sales
The February 2024 market statistics for the Lubbock Metropolitan Statistical Area (MSA) displayed robust activity in February 2024, with significant increases in both median home prices and closed sales. The latest data from the Lubbock Association of REALTORS®, in collaboration with Texas REALTORS® and the Texas Real Estate Research Center at Texas A&M University, highlights a dynamic market with expanding inventory and swift price appreciation.
Key Market Indicators:
- Median Home Price: The median home price in Lubbock rose to $235,600 in February 2024, marking a notable year-over-year increase of 4.7%.
- Closed Sales: The number of closed sales surged to 324, an impressive 8.0% increase from February 2023.
- Active Listings: The market saw a substantial rise in active listings, with 1,340 properties available, up 39.0% from the previous year. This has contributed to a months of inventory figure of 3.5, which is 40.0% higher than last year.
- Days on Market: Homes in Lubbock are taking longer to sell, with the average days on market at 49 days, 15 days more than in February 2023. The total days to close a transaction increased to 80 days, 18 days longer than the previous year.
Price Distribution:
The distribution of home prices in Lubbock for February 2024 is as follows:
- Homes priced under $100,000: 28.7%
- Homes priced between $100,000 and $199,999: 37.1%
- Homes priced between $200,000 and $299,999: 14.2%
- Homes priced between $300,000 and $399,999: 3.9%
- Homes priced between $400,000 and $499,999: 4.8%
- Homes priced between $500,000 and $749,999: 8.4%
- Homes priced between $750,000 and $999,999: 1.9%
- Homes priced at $1,000,000 and above: 1.0%
Valuation and Transaction Stats:
- Median Price per Square Foot: The median price per square foot for homes in Lubbock increased to $133.87, reflecting a 3.3% year-over-year rise.
- Median Home Size: The median home size is 1,829 square feet, with the median year built being 2006.
- Close to Original List Price Ratio: Homes are selling at 96.3% of their original list price.
Market Trends:
The Lubbock housing market shows a healthy balance of demand and supply. The increase in median prices indicates strong buyer interest, while the rise in closed sales suggests a brisk market. The significant growth in active listings provides more options for buyers, potentially easing some of the competitive pressure seen in previous months.
The extended days on market and transaction times could be indicative of a market that is recalibrating after a long period of a housing shortage, fueled by record low interest rates, allowing buyers more time to make informed decisions.
As the market continues to evolve, stakeholders should stay informed about these trends to navigate the dynamic real estate landscape effectively.
