The Multiple Listing Service of the Lubbock Association of REALTORS® includes residential properties and new homes listed by over 1,700 REALTORS®.
Lubbock Housing Sees Stability and Slight Adjustments in November
The market report for the Lubbock Metropolitan Statistical Area (MSA) shows stabilization with modest changes in key metrics according to the latest data published by the Lubbock Association of REALTORS®. While active listings and inventory continue to grow, closed sales and median prices show slight decreases year-over-year, indicating a balance market despite economic challenges.
Closed Sales Dip
Closed sales dipped for the first time in three months, with 322 closed sales in November, a decline of 2.9% year-over-year (YoY), though total sales for the year are positive.
Median Sales Price Dips Again
The median sales price was down for the second consecutive month, landing at $225,000, which represents a modest decline of 2.5% compared to November 2023.
Months of Inventory and Active Lisings Rise Again
Months of inventory was 3.8 months in November 2024, a slight increase of 1.8% YoY. While this figure increased yet again, it failed to reach the double digit increases that the Lubbock area had been experiencing. Active listings were up again as well, with 1,552 homes on the market, representing a 5.1% increase YoY. 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.
Days on Market Increases Again
Days on Market increased for the second straight month, with homes taking 51 days to sell, four days longer than November 2023, which is a 8.5% increase. This indicates a more measured process for home buyers.
Price Distribution
The bulk of sales activity occurred in the $100,000 to $199,000 price range (37.5%), followed by the $200,000 to $299,000 range (12.5%), underscoring affordability as a significant driver in the current environment.
“November’s data highlights the resilience and adaptability of the Lubbock housing market,” said Michael Hutton, 2024 President of the Lubbock Association of REALTORS®. “We continue to see opportunities for buyers and sellers alike, with affordability and inventory growth driving a balanced market.”
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