Lubbock TX Housing Market Statistics

Lubbock Housing Market Report - April 2023

Data from the Lubbock Association of REALTORS®, Texas REALTORS®, and Real Estate Center at Texas A&M University.

There were 589 active listings in Lubbock, Texas, at the end of the month of April 2023. There were 276 active listings in April 2022. This equals an increase of 113.4% year over year in the number of active listings in Lubbock.

The median selling price of a home in Lubbock for April 2023 was $226,000, while the average sales price was $244,266. The average sales price has decreased by 6.6, from $261,480 in April 2022.

In April, the number of closed homes was 279, down from 2022, by 9.1%.

On average, homes that closed during the month sold for 97.0% of the original listing price. Home buyers should anticipate that the listing price will fairly represent what they can expect to pay. Nonetheless, given the rising number of active listings, sellers will undoubtedly continue to face some pricing pressure.

The average days on the market was nearly double, with homes spending 33 days active on the market, compared to 16 days in 2022

There is approximately 2.1 months' worth of inventory on the market, compared to only .8 months in April 2022.

What to Expect in the Lubbock Market this Spring & Summer?

The short answer:  We predict inventory will continue to be challenging for the foreseeable future. In some price ranges, this means steady to slightly increasing prices.

HOWEVER, the current market is difficult to predict due to conflicting dynamics; this is true in most parts of Texas. On the one hand, we have higher interest rates which would normally be putting pressure on sellers and resulting in lower home values due to buyer affordability. However, we also have comparatively limited inventory because would-be sellers who have low interest rates don't want to sell. This means today's buyers don't have as much to choose from, especially in the $300K to $500K price ranges (currently, over 70% of available housing inventory in Lubbock is below $300K).

Another factor is inflation. New construction prices and home improvement costs are at an all-time high. Months of inventory for new construction in Lubbock is currently 5.8 months. This is helpful for existing home sellers, as it allows them to leverage new construction prices somewhat, especially if they've recently done any updating.

Stay Up-to-Date on the Lubbock, TX Real Estate Market With Texas Real Estate Source

The real estate market is constantly changing, making it hard to keep up with real estate market trends. Texas Real Estate Source's market reports can help you keep track of your estimated home value and make informed decisions. Whether buying or selling, staying current on real estate market trends is essential! Contact us today for an in-depth market analysis of your neighborhood.

Lubbock Housing Market Report - February 2023

Data from the Lubbock Association of REALTORS®, Texas REALTORS®, and Real Estate Center at Texas A&M University.

There were 588 active listings in Lubbock, Texas, at the end of the month of February 2023. By comparison, there were 183 active listings in February 2022. This equals an increase of 221% year over year in the number of active listings in Lubbock.

The median selling price of a home in Lubbock for February 2023 was $210,000, while the average sales price was $248.976. The average sales price has increased by 5.8, from $235,255 in February 2022.

In February, the number of closed homes was 209, down sharply from 2022, by 25.4%. 

On average, homes that closed during the month sold for 95.8% of the original listing price. Home buyers should anticipate that the listing price will fairly represent what they can expect to pay. Nonetheless, given the rising number of active listings, sellers will undoubtedly continue to face some pricing pressure.

The average days on the market are nearly the same as in 2022, with homes spending only 32 days active on the market.

There is approximately 2.1 months' worth of inventory on the market. Four to six months of inventory typically indicates a balanced real estate market; therefore, the current market is still considered a seller's market. This metric is crucial to remember if you are house-hunting and considering moving to Lubbock or selling your Lubbock, TX home.

What to Expect from the Lubbock, TX Real Estate Market in the Coming Months

Due to the economy and inventory levels, sellers should anticipate increased pressure on pricing and negotiation when selling a home. They should be ready to be more competitively priced to attract more buyer interest. Regardless, the market will likely remain strong and active over the coming months, which will continue to benefit sellers given the relatively low days on the market.

As the hub of the Panhandle Plains, Lubbock is a more popular location than other West Texas towns, even though there are significantly more active listings than just a year ago. Despite current economic pressures, Lubbock remains desirable for homebuyers because of its affordable cost of living, popular schools, growing job market, and increasing lifestyle amenities.

Stay Up-to-Date on the Lubbock, TX Real Estate Market With Texas Real Estate Source

The real estate market is constantly changing, making it hard to keep up with real estate market trends. Texas Real Estate Source's market reports can help you keep track of your estimated home and make informed decisions. Whether buying or selling, staying current on real estate market trends is essential! Contact us today for an in-depth market analysis of your neighborhood.