2017 April Lubbock Area Housing Report

  Home Sales Dip but Prices Rise in April 2017

May 20, 2017 – The April 2017 Lubbock Area Housing Market Report shows that Lubbock area home sales decreased 14.6% in April 2017 with 316 homes sold.  Though home sales saw a dip, home prices increased 6.2% compared to April 2016, with the median price for Lubbock area homes being $164,000.

Lubbock contines to be a strong seller's market in most price ranges.  The number of active listings on the market decreased 5.7% compared to April 2016 with 740 active listings. Monthly housing inventory remained in the 2 month range at 2.3 months in April 2017, down slightly from 2.5 months in April 2016. 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.  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. 

Homes spent an average of just 70 days on the market, almost two weeks less than in April of last year.

April 2017 Statistics At-A-Glance

The real estate market is one of the best indicators of how the economy is doing and although April posted a down month for sales, all other indicators point to another strong summer selling season. Contact your Lubbock REALTOR® to find out the specifics of your neighborhood. Local REALTORS® have access to the best information about the market.

About the Lubbock Association of REALTORS®

Lubbock REALTORS®, alongside REALTORS® throughout Texas, work daily during the Texas legislative session to make sure Texas remains one of the strongest housing markets in the nation, protect the right of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.  The Lubbock Association of REALTORS® and its 1,000+ members are committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

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