LUBBOCK, Texas (KCBD) – Sellers across the country are pulling their homes off the market at the highest rates since March 2020, when the global pandemic began to shut everything down. Even with those rates, Lubbock is seeing much different results.
Nearly 6 percent of all home listings were pulled off the market in April nationwide, according to real estate brokerage Redfin. But Lubbock Association of Realtors President Colby Norris said Lubbock doesn’t see those kinds of trends often.
“We have a very stable evaluation growth, so we’re going to see slow appreciation year-over-year, so you’re kind of insulated from the spikes you see in other parts of the country,” Norris said.
In the month of May, there were 551 closed home sales, amounting to a 2.4 percent growth year-over-year. These homes spent 46 days on the market on average, which is slightly more than last year.
With the median price of a home amounting to roughly $250,000, Lubbock can provide affordability for new families.
“Here they can have that opportunity in other areas they may not. That might keep them on the sideline or make it to where they would have to continue to rent or other options there where if you’re a first-time home buyer, this kinda opens the door for you earlier in Lubbock given those more affordable prices,” Norris said.
Norris said those living in Lubbock and those looking to move into the city should be optimistic about the current housing market. With more negotiating opportunities and loans potentially being less in total than they would have been five years ago, now could be the time to take advantage of what Lubbock has to offer.
“After you do the research and go to the lenders, there’s other programs out there that can open those doors, so it’s really rewarding when you can take somebody who might have thought that they’re not even in a position to where they can own a home and opening that door and handing those keys over really changes a family’s life, and that’s really exciting,” Norris said.
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