The Multiple Listing Service of the Lubbock Association of REALTORS® includes residential properties and new homes listed by over 1,700 REALTORS®.
Lubbock Housing Shows Continued Growth in December
The market report for the Lubbock Metropolitan Statistical Area (MSA) closed 2024 on a high note according to the latest data published by the Lubbock Association of REALTORS®, reflecting robust growth and dynamic housing landscape.
Key Highlights:
- Closed Sales Surge: December 2024 recorded 413 closed sales, representing a remarkable 24.8% increase compared to December 2023.
- Active Listings Climb: Active listings rose 5.7% year-over-year, reaching 1,402 homes, signaling a growing inventory to meet buyer demand.
- Median Sales Price Adjustments: The median home price decreased slightly by 3.2% to $225,000, reflecting potential affordability gains for buyers while maintaining market stability.
- Days on Market: Home stayed on the market for an average of 54 days, 11 days longer than December 2023, indicating a slightly slower pace of transactions.
Year-to-Date Metrics:
For 2024 as a whole, the market remained robust:
- Closed Sales: 5,008 year-to-date closed sales, a 4.4% increase over 2023.
- Median Sales Price: The year-to-date median sales price of $232,500 marked a 2.7% decline from 2023.
Price Distribution and Market Trends
The market continues to show opportunities for diverse price points, with 67.4% of sales occurring in the $100,000 to $299,000 range. Months of Inventory showed an increase, though at a slower pace than in previous months. This indicates that, while the market is more balanced than in previous years, it is still in the range of a seller’s 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.
The Lubbock real estate market remains a cornerstone of our local economy, offering opportunities across a range of price points and housing types. Though interest rates are higher than previous years, there are more homes on the market, creating opportunities for buyers. Consult with a local REALTOR® for personalized guidance and expertise as each home and neighborhood is different.
