Both home sales and prices were down in January as the Lubbock real estate market got off to a slow start. According to our January 2020 Lubbock Area Housing Report, Lubbock area home sales were down 3% with 246 homes sold, versus 254 sold in January 2019.
The median price for homes dropped as well, with the median price closing at $155,000, which is an almost 5% decrease compared to January 2019.
The number of active listings on the market was down 13%. This marks the fifth straight month of decreases in the number of listings on the market, with only 845 active residential listings.
Lubbock’s monthly housing inventory decreased for the fifth straight month as well, with only 2.2 months of Inventory compared to 2.6 months in January 2019. This statistic is the strongest indicator that, overall, we remain in a seller’s market *.
January 2020 Statistics At-A-Glance
• Homes spent 49 days on the market: 7 days less than January 2019.
• 246: Homes sold in January 2020, down 3.2% versus January 2019.
• $155,000: Median price in January 2020, down 4.6% versus January 2019.
• 845: Active home listings on the market in January 2020, down 13% versus January 2019.
• 2.2: Monthly housing inventory in January 2020, down 14.4% versus January 2019.
• 49: Days homes spent on the market, 7 days less than January 2019.
Housing inventory in Lubbock continues to stay at record lows yet our market remains very affordable. The market is still strong overall, but every neighborhood is different.
As home prices increase, the market softens, so to find out what’s happening in your specific neighborhood, talk with a Lubbock Realtor®. Don’t rely on a big website to tell you what your home is worth. Lubbock Realtors® have access to the best, most current information.
To see past market reports, search for homes and find Lubbock area Realtors®, I invite you to visit the association’s website, LubbockRealtors.com. Like us on Facebook at Facebook.com/LubbockRealtors.
Ken Harlan is the 2020 president of the Lubbock Association of Realtors®.
* 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. The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.