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

Steady as it Goes in May Housing

The market report for the Lubbock Metropolitan Statistical Area (MSA) showed a stable market in May, according to the latest data from the Lubbock Association of REALTORS®.

Key Highlights:

• Median Home Unchange: The median home price was flat in May, closing at $240,000, unchanged from May 2024.
• Closed Sales Increase Slightly: After a dip in May, closed sales were up in May. With a total of 538 homes sold, it was an increase of 2.5% compared to May 2024.
• Active Listings Increase Slightly: Inventory improved for the fifth straight month, with 1,727 active listings, a 2.8% increase compared to the previous year.
• Months of Inventory Flat: Months of inventory was unchanged from May 2024 at 4.1.
• Days on Market Longer: Days on market increased for the third straight month, with homes being on the market for 44 days in May, compared to 40 days in May 2024.
• Sale-to-List Price: The sale-to-list price was 96.3%, compared to 96.8% in May 2024.

Price Distribution and Months Inventory
Price distribution figures showed that the 36.4% of homes fell within the $200,000 to $299,000 range, followed by 27.5% priced between $100,000 to $199,000 and 5.6% were less than $100,000. The summer selling season is beginning, so it will be interesting to see what the market shows over the coming months, especially with buyers having 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.

Local expertise is important when considering buying, selling and managing investment properties. Consult with a local REALTOR® and local mortgage lender for personalized guidance and expertise, as each home and neighborhood is different.