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 Shows Continued Growth in October
The Lubbock real estate Metropolitan Statistical Area (MSA) continues to show resilience and growth according to the latest data published by the Lubbock Association of REALTORS®. Key indicators highlight an active housing market with rising sales, a slight dip in prices, and an expanding inventory, offering new opportunities for both buyers and sellers.
Closed Sales Continue Positive Trend
Closed sales saw an increase for the third straight month, with 348 closings in October, a 2.1% increase compared to October 2023.
Median Sales Price Dip
After an increase in September, the median sales price was down 5.0% in October 2024, settling at $231,900. This data indicates sellers may be more flexible on listing prices.
Months of Inventory and Active Lisings Continue to Rise
Months of inventory as at 4.2 months in October 2024, a 10.1% YoY increase. Months of Inventory have shown increases for several months, though slightly less than in previous months. Active listings rose again, to 1,732, a 14.3% YoY increase, a welcome sign for potential home buyers. 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.
More Time on Market
Days on Market rose dramatically in October 2024. Homes took 51 days to sell, a 13-day increase from October 2023, which is a 34.2% increase. This increase could be a reflection of obstacles in the closing process.
Despite the challenges of rising interest rates, the Lubbock real estate market is still vibrant and buyers should leverage the increase in listings and lowered prices. “We’re seeing a dynamic market that continues to offer opportunities for buyer buyers and sellers,” said Michael Hutton, 2024 President of the Lubbock Association of REALTORS®. “With more inventory, it’s an excellent time for anyone considering making their next home purchase.”
Consult with a local REALTOR® for personalized guidance and expertise as each home and neighborhood is different.
