The Multiple Listing Service of the Lubbock Association of REALTORS® includes residential properties and new homes listed by over 1,700 REALTORS®.

Prices Up, Sales Down in June

The market report for the Lubbock Metropolitan Statistical Area (MSA) showed a resilient and steadily growing real estate landscape, according to the latest data from the Lubbock Association of REALTORS®.

Key Highlights in June:

• Median Home Price Rise: After being flat in May, the median home price rose to $249,115 in June, marking a 7.4% year-over-year.
• Closed Sales Dip: Closed sales continued its up-and-down pace, with a total of 538 homes sold, it reflected a slight decrease of 0.6% compared to June 2024.
• Active Listings Increase Again: Inventory improved for the sixth straight month, with 1,795 active listings, it represents a 7.7% increase from June 2024.
• Months of Inventory Increase: After being unchanged in May, months of inventory saw a substantial increase of 6.0%, increasing to 4.3.
• Days on Market Longer: Days on market increased for the fourth straight month, with homes being on the market for 42 days in June, compared to 37 days in June 2024.
• Sale-to-List Price: The sale-to-list price was 96.3% for the second straight month, compared to 96.6% in June 2024, this indicates buyers are still willing to meet seller demands.

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.

Lubbock Market Strong at Half-Way Point
With national headlines talking about home prices decreasing in major metro areas, the Lubbock MSA remains strong. Year-to-date closed sales stood at 2,640, nearly matching last year’s pace of 2,646. The median home price is up slighlty at $240,000, compared to $233,978 in 2024.

National headlines don’t always reflect what is happening locally. Consult with a local REALTOR® and local mortgage lender for personalized guidance and expertise, as each home and neighborhood is different.