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

2017 August Lubbock Area Housing Report

  August Home Sales and Down 

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

The number of active listings on the market increased almost 14% compared to August 2016, with 1,033 active residential listings.  Lubbock's monthly housing inventory also increased 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, so this increase may indicate a trend toward a more balanced market.  Currently, 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.*

Homes spent an average total of 67 days on the market in August, nine days less than August of last year.  This is a positive indication that, generally, transactions are going smoothly from the time a home goes on the market, to the time an offer is made, to the time it goes to the closing. 

August 2017 Statistics At-A-Glance

  • 339 – Homes sold in August 2017, 8.1% less than August 2016.
  • $148,950 – Median home sales price, down 6.9% compared to August 2016.
  • 1,033 – Active homes on the market in August 2017, up 6.5% compared to August 2016.
  • 3.2 – Monthly housing inventory in August 2017, up from 2.8 months in August 2016.
  • 67 – Average number of days homes spent on the market in August 2017, 9 days less than August 2016.
  • pdf 2017 August Infographic (372 KB)

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.

*Months invetory is defined as the number of active listings divided by the average sales per month of the prior 12 months.

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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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. 
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