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 Market Sees Moderate Growth and Increased Inventory in May
The Lubbock real estate Metropolitan Statistical Area (MSA) experienced moderate growth and an increase in inventory during the month of May, according to statistics published by the Lubbock Association of REALTORS®.
Closed Sales and Median Home Prices Dip
The number of closed sales dipped for the second straight month, with 526 closed sales, a slight decrease of 2.8% compared to 2023. The median home price in Lubbock decreased again as well, closing at $240,092, a decline of 4.0% year-over-year. Continued declines in price may present an opportunity for potential buyers to enter the market.
Active Listings and Inventory
The market inventory continues to expand, with active listings increasing 47.2% from the previous year, reaching a total of 1,677. This once again contributed to an increase in the months of inventory, which now stands at 4.1 months, representing a 46.6% increase compared to the previous year. This signals that buyers sitting on the sidelines may find a wider selection of homes to choose from.
Price Distribution
The price distribution of homes in Lubbock saw quite a shift, with homes less than $100,000 accounting for just 5.1% of sales. Homes between $100,000 and $299,000 range made up the majority of the market, representing 63.7% of the market. Higher price brackets saw an increase as well:
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Homes priced between $400,000 and $499,000: 9.1%
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Homes priced between $500,000 and $749,000: 4.9%
Overall, the Lubbock real estate market in May 2024 demonstrated a market moving toward equilibrium, with moderate growth in closed sales, a decrease in median price, and a significant increase in inventory. These conditions provide both buyers and sellers with opportunities to navigate the market effectively. As always, it is advisable for potential buyers and sellers to consult with a local REALTOR® for personalized guidance and expertise.
