2017 August Lubbock Area Housing Report

  August Home Sales and Prices 

September 16, 2017 – Home sales were down again in August 2017 according to the Lubbock Area Housing Market Report.  According to the report, 339 homes were sold in August 2017, 8% less than August 2016.  Home prices also saw a drop, down 7% compared to August 2016, with the median price for Lubbock area homes being $148,950.

The number of active listings on the market increased almost 14% compared to August 2016, with 1,033 Active home listings.  Lubbock's monthly housing inventory saw an increase as well, increasing from 2.9 months in August 2016, to 3.2 months in August 2017. Months inventory is the best indicator of a buyer's or seller's market, and even though the months inventory increased, Lubbock remains a strong seller's market. 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. This is the first time since November of 2015 that Lubbock's home invetory has been more than 3 months.

Homes spent an average total of 67 days on the market in August 2017, nine days less than August of last year.

August 2017 Statistics At-A-Glance

To find out what the market is like in your neighborhood, contact a Lubbock REALTOR®. They have access to the best information about the local market.

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Buyers should be prepared to act quickly and expect to make full-price offers with little to no concessions, depending on the price range and specific location.