Small but Positive Increase in Sales and Prices, Continued Increase in Active Listings
June 16, 2018 – Lubbock area home sales increased 4.3% in May 2018 with 463 closed sales, according to our May 2018 Lubbock Area Housing Report. The median home price increased almost 5% compared to May 2017, with the median price for Lubbock area homes closing at $162,500.
The number of active listings on the market posted another substantial increase - almost 27% - with 1,050 active residential homes on the market in May 2018. Despite another increase, our market is still a strong seller's market in the predominent price range. Lubbock's monthly housing inventory was just 3.1 months in May 2018, up slightly from 2.6 months in May 2017. The Real Estate Center at Texas A&M University states that 6.5 months represents a market in which supply and demand for homes is balanced.*
Homes spent a total of 73 days from when a listing goes on the market to when it closes. This is one day less than May 2017.
May 2018 Statistics At-A-Glance