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 Continues to Strengthen in September
The Lubbock real estate Metropolitan Statistical Area (MSA) showed notable increases in median sales price and active listings according to the latest data published by the Lubbock Association of REALTORS®.
Growth in Closed Sales
Closed sales in increased for the second straight month, with 362 closings in September, which is a 10.7% increase year-over-year, displaying increased buyer activing.
Median Sales Price Increases
The median sales price increased after being unchanged in August, rising to $245,000, marking a 6.1% increase compared to September 2023. This price growth indicates increased demand across various buyer segments in the market.
Months of Inventory and Active Lisings Rise
Months of inventory grew to 4.4 months, a 22.8% YoY increase. Active listings climbed to 1,786, a 26.8% YoY increase, continuing to show that buyers have more options in the current market. The months of inventory metric reflects the balance between supply and demand, with higher values suggesting a shift towards a more buyer-friendly market. The Texas Real Estate Research Center at Texas A&M states that a 6.0 months of inventory is considered a balanced market.
Longer Time on Market
Homes in September 2024 took an average of 48 days to sell, a 10-day increase from September 2023, and the total time to close was up by 13 days, indicating a shift toward more measured decision-making among buyers.
The September 2024 data reflects a robust a real estate market in Lubbock, with healthy increases in median price and closed sales paired with greater inventory. Consult with a local REALTOR® for personalized guidance and expertise as each home and neighborhood is different.
