Lubbock Home Prices Hit Record Highs, Demand Surges
Steady Market Growth and Price Trends An alarming rise in home prices has gripped the Lubbock real estate market. Median home prices escalated to $233,495 in January 2025. This marks a notable year-over-year price appreciation of 6.6% from 2024. Notably, the active listings reached 1,611 homes in January, indicating a year-over-year increase of 15.0%. By June, the median home price surged to $265,000. This is an over 90% increase from the previous month. Rapid appreciation reflects evolving buyer behavior amid shifting economic conditions. Despite a slight dip in May to around $240,000, prices continue to elevate. This highlights strong demand across price segments. Buyers are also confronted with elevated mortgage rates, which impact housing affordability and buying decisions. Market stability remains influenced by these trends. Price per square foot reached $131 in June. This emphasizes robust value gains. Buyers exhibited cautious behavior, with homes on the market for 71 days in ...