August 24, 2017 – Home sales were down again in July 2017 according to the Lubbock Area Housing Market Report. According to the report, 376 homes were sold in July 2017, 14% less than July 2016. Home prices continued their upward trend, however, up 4% compared to July 2016, with the median price for Lubbock area homes being $156,750.
The number of active listings on the market increased almost 7% compared to July 2016, with 953 homes actively listed. Like the majority of Texas, Lubbock remains a strong seller's market in most price ranges. Buyer's should be prepared to make full-price offers, with little to no concessions. Months inventory is the best indicator of a buyer's or seller's market, and this figure increased slightly, from 2.8 months in July 2016 to 3 months in July 2017. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. Months invetory is defined as the number of active listings divided by the average sales per month of the prior 12 months. Lubbock's home invetory has not been more than 3 months since November 2014.
Homes spent an average of 65 days on the market in July 2017, five days less than July of last year.
July 2017 Statistics At-A-Glance