MARKET REPORTS

The Lubbock real estate Metropolitan Statistical Area (MSA) showed positive signs according to the latest data published by the Lubbock Association of REALTORS®.

Closed Sales Up and Median Home Prices Flat
The number of closed sales bounced back after a decline in July, with 468 closed sales, an increase of 3.3% year-over-year (YoY), compared to 453 in August 2023. The median home price in Lubbock was flat at $240,000 the same as in August of last year.

Active Listings
Active listings continue to post increases, with a 30.6% YoY increase, reaching 1,749 in August 2024, up from 1,339 in August 2023. Prospective buyers continue to benefit from this upward trend, offering a greater selection of homes available with potentially less competition.

Months of Inventory
In correlation to the number of active listings, months of inventory as well, increasing 29.7% YoY from 3.3 months in August 2023 to 4.3 months in August 2024. This 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.

Price Distribution
The price distribution of homes in Lubbock continues to show Lubbock being very affordable, with the majority of homes priced below $300,000:

Homes priced less than $100,000: 5.8%
Homes priced between $100,000 and $199,000: 26.2%
Homes priced between $200,000 and $299,000: 38.1%
Homes priced between $300,000 and $399,000: 12.9%
Homes priced between $400,000 and $499,000: 7.5%
Homes priced between $500,000 and $749,000: 7.3%
Homes priced between $750,000 and $999,000: 1.3%
Home priced $1,000,000+: 0.9%

Overall, there are positive indicators in the Lubbock housing market with increased sales and active listings, though home prices were unchanged. Consult with a local REALTOR® for personalized guidance and expertise as each home and neighborhood is different.