The Multiple Listing Service of the Lubbock Association of REALTORS® includes residential properties and new homes listed by over 1,700 REALTORS®.
Closed Sales Dip, Prices Up in April
The market report for the Lubbock Metropolitan Statistical Area (MSA) showed up-and-down figures in April, according to the latest data from the Lubbock Association of REALTORS®.
Key Highlights:
- Median Home Price Up: The median home price rebounded after a dip in March, closing at $243,788 in April, representing a 6.0% increase compared to April 2024.
- Closed Sales Decrease: Alternatively, after a positive month in March, the number of closed sales dipped in April. The number of closed sales totaled 444, a significant decrease of -9.9% year-over-year compared to April 2024.
- Active Listings Increase: Inventory improved for the fourth straight month, with 1,642 active listings, a 3.7% increase compared to April 2024.
- Months of Inventory Increases: After two months of stable figures, months of inventory increased to 3.9, which is a 2.4% increase compared to April 2024.
- Days on Market Longer: Days on market increased again, with homes being on the market for 51 days in April, compared to 47 days in April 2024.
- Sale-to-List Price: The sale-to-list price was 96.0%, compared to 95.9% in April 2024.
Price Distribution and Months Inventory
Price distribution figures showed that the 38.6% of homes fell within the $200,000 to $299,000 range, followed by 28.0% priced between $100,000 to $199,000 and 4.0% less than $100,000. With the number of homes on the market in Lubbock showing increases and months of inventory incresing as well, buyers have more choices than in previous years. 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.
Everyone needs guidance when thinking about buying or selling a home. Consult with a local REALTOR® and mortgage lender for personalized guidance and expertise, as each home and neighborhood is different.