![]() ![]() 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. Texas Real Estate Source's market reports can help you keep track of your estimated home value and make informed decisions. The real estate market is constantly changing, making it hard to keep up with real estate market trends. Stay Up-to-Date on the Lubbock, TX Real Estate Market With Texas Real Estate Source There is approximately 2.1 months' worth of inventory on the market, compared to only. The average days on the market was nearly double, with homes spending 33 days active on the market, compared to 16 days in 2022 Nonetheless, given the rising number of active listings, sellers will undoubtedly continue to face some pricing pressure. Home buyers should anticipate that the listing price will fairly represent what they can expect to pay. On average, homes that closed during the month sold for 97.0% of the original listing price. In April, the number of closed homes was 279, down from 2022, by 9.1%. The average sales price has decreased by 6.6, from $261,480 in April 2022. The median selling price of a home in Lubbock for April 2023 was $226,000, while the average sales price was $244,266. This equals an increase of 113.4% year over year in the number of active listings in Lubbock. There were 276 active listings in April 2022. There were 589 active listings in Lubbock, Texas, at the end of the month of April 2023. ![]() Lubbock Housing Market Report - April 2023 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. Months of inventory for new construction in Lubbock is currently 5.8 months. New construction prices and home improvement costs are at an all-time high. This means today's buyers don't have as much to choose from, especially in the $300K to $500K price ranges ( currently, 70% of available housing inventory in Lubbock is below $300K).Īnother factor is inflation. However, we also have comparatively limited inventory because would-be sellers who have low interest rates don't want to sell. 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, the current market is difficult to predict due to conflicting dynamics this is true in most parts of Texas. In some price ranges, this means steady to slightly increasing prices. The short answer: We predict inventory will continue to be challenging for the foreseeable future. What to Expect in the Lubbock Market this Spring & Summer? There was approximately 2.4 months' worth of inventory on the market, at the end of May 2023 compared to only. The average days on the market was 19 days longer than 2022, with homes spending 32 days active on the market. On average, homes that closed during the month sold for 97.6% of the original listing price. In April, the number of closed homes was 383, up from 2022, by 19.7%. The median selling price of a home in Lubbock for May 2023 was $235,000, while the average sales price was $275,441, an increase of 5.5 compared to May 2022. There were 676 active listings in Lubbock, Texas, at the end of the month of May 2023, an increase of 131.5% compared to May of 2022. ![]() Data from the Lubbock Association of REALTORS®, Texas REALTORS®, and Real Estate Center at Texas A&M University. ![]()
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