MARKET REPORTS

The Lubbock real estate Metropolitan Statistical Area (MSA) showed mixed statistics while offering valuable insights for both buyers and sellers according to statistics published by the Lubbock Association of REALTORS®.

Closed Sales Cooled While Median Home Prices Dip Again
The number of closed sales slowed after an uptick in June, with 470 closed sales, a decrease of 5.4% year-over-year (YoY), compared to 497 in July 2023. The median home price in Lubbock declined for the fourth straight month, dropping by 3.4% YoY to $230,000 in July 2024 from $238,000 in the same period last year.

Active Listings
Active listings increased again, with a 38.6% YoY increase, reaching 1,721 in July 2024 from 1,242 in July 2023. This is a welcome sign for prospective buyers as inventory numbers continue their upward trend, offering a greater selection of homes available.

Months of Inventory
Inventory increasing is directly impacting months of inventory as well, increasing 39.9% YoY from 3.0 months in July 2023 to 4.2 months in July 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: 7.5%
Homes priced between $100,000 and $199,000: 25.9%
Homes priced between $200,000 and $299,000: 37.2%
Homes priced between $300,000 and $399,000: 12.0%
Homes priced between $400,000 and $499,000: 8.0%
Homes priced between $500,000 and $749,000: 6.2%
Homes priced between $750,000 and $999,000: 2.2%
Home priced $1,000,000+: 1.1%

Overall, the data indicates a cooling int he Lubbock real estate market in July 2024 with decreased sales and median home prices. However, this presents advantages for buyers looking to enter the market, even with higher interest rates. As always, it is advisable for potential buyers and sellers to consult with a local REALTOR® for personalized guidance and expertise as each home and neighborhood is different.