2017 December Lubbock Area Housing Report

  December Home Sales Down, Median Price Rises 

January 20, 2018 – Lubbock area home sales were down 10% in December 2017 compared to December 2016 with 268 homes sold according to our Lubbock Area Housing Report.  The median price for Lubbock area homes was up compared to December 2016 at $154,500, an almost 7% increase from December 2016.

The number of active listings on the market increased for the fifth straight month, up 18% compared to December 2016, with 920 active residential listings.  Lubbock's monthly housing inventory also increased from 2.4 months in December 2016 to 2.9 months in December 2017. Months inventory is the best indicator of a buyer's or seller's market.  Even with the increase in the number of active listings, Lubbock remains a strong seller's market, with months inventory remaining well below the 6.5 months that represents a balanced market, according to The Real Estate Center at Texas A&M University.*

Homes continue to spend less days on the market as well, with the average total being 75 days on the market in December 2017, fourteen days less than November 2016.  This is a positive indication that, generally, transactions are going smoothly from the time a home goes on the market, to when an offer is accepted, to the time it closes. 

December 2017 Statistics At-A-Glance

Contact a Lubbock REALTOR® for the most accurate information about the local market and what's happening in your neighborhood.

*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 our 1,100+ 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.