Lubbock Housing 2024 Recap
Lubbock Residential Market 2024
Lubbock Housing Market 2024
The 2024 Single-Family Residential Market Survey is out, and it gives us a solid look at where the Lubbock housing market stands with the 2024 data.
New Home Construction Is Holding Strong
Lubbock saw 1,528 single-family home permits issued in 2024, a 1% increase from last year and 51% above the 30-year average. That’s a sign of stability and growth.
Where are the most homes being built?
Southwest Lubbock: 631 permits
Southeast Lubbock: 475 permits
Which neighborhoods are growing the fastest?
Bell Farms – 224 permits
Burgamy Park – 152 permits
Upland Crossing – 124 permits
Home Prices & Inventory
Median home price: $232,500 (down 2.7% from last year)
Active listings: Up 40%, giving buyers more options
New construction values: Up 15%, meaning builders are investing in higher-end homes
Buyers now have more choices, but home prices are still adjusting.
One of the biggest changes this year is spec home inventory....
Completed spec inventory dropped 15%, meaning builders are pulling back on overbuilding.
Higher-end homes ($500K+) saw a 59% increase in unsold inventory, meaning luxury homes aren’t moving as fast.
Entry-level homes ($150K - $300K) are still in demand, with supply remaining steady.
Mortgage Rates & Affordability
Interest rates have stayed between 6-7% for the past three years. That’s keeping monthly payments higher than in past years. But that is also stability and we can expect them to stay in that range as well. This is important information for buyer's who are afraid to buy or refi thinking that rates are going to drop significantly anytime soon.
A $400,000 home at 6.9% interest = $2,108/month (just principal & interest)
That’s $744 more per year than last year
Rental Market Is Slowing Down
Apartment occupancy in Lubbock dropped to 87.9%, which means more people are moving into homeownership. This might be an opportunity for some of you to focus on converting tenant to future homeowners.
Bringing it home
If you're buying: More inventory means less competition, but mortgage rates remain a challenge. (Higher payments)
If you're selling: Pricing competitively is the way, especially for higher-end homes.
If you're investing: Lubbock’s steady growth and strong new construction market still make it a solid long-term play.
The market is adapting. There’s plenty of opportunity. What we've experienced of the past few years is not the normal...basically we're headed back to the mean. Which is okay..don't let people tell you the sky is falling.