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 Inventory and Sales Bloom in April
The Lubbock real estate Metropolitan Statistical Area (MSA) saw notable shifts in April 2024, according to the latest data published by the Lubbock Association of REALTORS®.
Closed Sales Surge
The number of closed sales in Lubbock soared to 466, marking a substantial 22.3% increase compared to April 2023. This surge reflects a heightened demand for residential properties in the metropolitan statistical area, driven by various economic and demographic factors.
Median Home Prices Dip
Despite the rise in sales, the median home price in Lubbock decreased by 2.6% year-over-year, settling at $234,763. This decline may be attributed to a larger inventory and a slight cooling in buyer competition. The median price per square foot saw a modest increase of 1.1%, reaching $135.76, indicating a nuanced market where price adjustments are not uniform across all segments.
Active Listings and Inventory
The market inventory has expanded significantly, with active listings jumping 60.3% from the previous year to a total of 1,499. This increase has led to a 57.8% rise in the months of inventory, which now stands at 3.8 months. A balanced market typically has around six months of inventory, suggesting that while Lubbock is still a seller’s market, it is gradually moving towards equilibrium.
Market Dynamics
Homes in Lubbock are spending slightly more time on the market, with the average days on market increasing to 47 days, up by five days from April 2023. Additionally, the total time to close a sale has extended to 80 days, an increase of seven days year-over-year. These figures indicate a slight slowdown in the speed of transactions, possibly due to increased inventory giving buyers more options and time to make decisions.
Price Distribution
The price distribution of homes in Lubbock shows that the majority of sales fall within the $100,000 to $199,000 range, accounting for 41% of the market. Homes priced below $100,000 make up 25.1%, while those in the $200,000 to $299,000 range constitute 13%. Higher price brackets see progressively fewer sales, with homes priced at $1 million or more comprising just 1.1% of the market.
Lubbock is in a dynamic real estate environment characterized by increased sales activity, a slight dip in median home prices, and a growing inventory. These trends suggest a shifting landscape where both buyers and sellers need to stay informed and adapt to changing market conditions.
