facebook

You are here: Home | Buyers and Sellers Information | Consumer News | 2018 January Lubbock Area Housing Report

2018 January Lubbock Area Housing Report

 Slight Increase in Closed Sales, Median Price and the Number of Active Listings

February 24, 2018 – The first month of 2018 posted strong home sales according to our Lubbock Area Housing Report.  Lubbock area home sales increased almost 3% comopared to January 2017 with 219 homes sold.  The median price for Lubbock area homes increased as well, being $151,700, an 11% increase compared to January 2017.

The number of active listings on the market increased 11% as well, with 895 active residential listings.  Lubbock's monthly housing inventory also increased from 2.5 months in January 2017 to 2.8 months in January 2018. As has been the case for some time now, Lubbock remains in a strong sellers' market in most price ranges.  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 spent 2 days more on the market, with an average total of 90 days on the market in January 2018.  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. 

January 2018 Statistics At-A-Glance

  • 219 – Homes sold in January 2018, 2.8% more than January 2017.
  • $151,700 – Median home sales price, an increase of 11.2% compared to January 2017.
  • 895 – Active homes on the market in January 2018, 10.8% more than January 2017.
  • 2.8 – Monthly housing inventory, up from 2.5 months in January 2017.
  • 90 – Average number of days homes spent on the market in January 2018, 2 days more than January 2017.
  • pdf 2018 January Infographic (372 KB)  

With January posting strong statistics, we believe 2018 will be a good year for the real estate market in Lubbock.  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.

###

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. 
You are here: Home | Buyers and Sellers Information | Consumer News | 2018 January Lubbock Area Housing Report