MARKET REPORTS
Previous Statistics
2025
January Market Report will be published in February 2025
2021
Current Monthly Statistics
December 2024 Market Report
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.