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You are here: Home | Buyers and Sellers Information | Consumer News | 2017 June Lubbock Area Housing Report

2017 June Lubbock Area Housing Report

  June Home Sales Down, Prices Rise

July 22, 2017 – Home sales dipped slightly in June 2017 according to the Lubbock Area Housing Market Report with 418 homes sold, 3% less than June 2016.  Home prices increased, however, posting a 15% increase compared to June 2016, with the median price for Lubbock area homes being $167,560.

The number of active listings on the market increased 8% compared to June 2016, with 921 homes actively listed.  Even with this increase, Lubbock remains a strong seller's market in most price ranges, as indicated by the monthly housing inventory. This figure decreased from 2.8 months in June 2016 to 2.7 months in June 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. 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 71 days on the market in June 2017, two days less than June of the previous year.

June 2017 Statistics At-A-Glance

  • 418 – Homes sold in June 2017, 3% less than June 2016.
  • $167,650 – Median home sales price, an incrase of 14.8% compared to June 2016.
  • 921– Active homes on the market, up 8.4% compared to June 2016.
  • 2.7 – Monthly housing inventory, down slightly at 2.8 in June 2016.
  • 71 – Average number of days homes spent on the market in June 2017, two days less than in June 2016.
  • pdf 2017 June Infographic (372 KB)

The Lubbock area is back on track for a strong summer selling season. Contact your Lubbock REALTOR® to find out the specifics of your neighborhood. Local REALTORS® have access to the best information to help you.

About the Lubbock Association of REALTORS®

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 home ownership.

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