MARKET REPORTS

The Lubbock real estate Metropolitan Statistical Area (MSA) revealed a complex picture of growth and decline across various metrics, according to statistics published by the Lubbock Association of REALTORS®.

Closed Sales Show Uptick and Median Home Prices Dip
The number of closed sales saw a moderate increase after two straight months of decline, with 545 closed sales, a slight increase of 2.1% year-over-year (YoY), compared to 534 in June 2023. Conversley, the median home price in Lubbock declined for the third straight month, dropping by 4.2% YoY to $233,250 in June 2024 from $243,500 in the same period last year.

Active Listings
Active listings surged significantly again, with a 40.8% YoY increase, reaching 1,694 in June 2024 from 1,203 in June 2023. This growth in inventory is a crucial development for prospective buyers as it indicates a wider selection of homes available.

Months of Inventory
The months of inventory also saw a noteable rise, increasing 39.9% YoY from 3.0 months in June 2023 to 4.1 months in June 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 a shift, with homes less than $100,000 accounting for just 5.5% of sales. Homes in the $100,000 to $300,000 range made up the majority of the market, representing 66.4% of the market. Higher price brackets were a small but varied portion of the market:

Homes priced between $400,000 and $499,000: 7.4%
Homes priced between $500,000 and $749,000: 5.0%
Homes priced between $750,000 and $999,000: 2.5%
Home priced $1,000,000+: 1.3%

Overall, the Lubbock real estate market in June 2024 shows a dynamic landscape with increased sales and inventory but declining price indicators. 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.