Lubbock, TX Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lubbock, TX Housing Market Trends

With a population of 257,141, 98,849 total housing units (homes and apartments), and a median house value of $175,191, house prices in Lubbock are solidly below the national average.

Single-family detached homes are the single most common housing type in Lubbock, accounting for 64.77% of the city's housing units. Other types of housing that are prevalent in Lubbock include large apartment complexes or high rise apartments ( 22.35%), duplexes, homes converted to apartments or other small apartment buildings ( 7.79%), and a few row houses and other attached homes ( 3.50%).

The most prevalent building size and type in Lubbock are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.50% owning and 50.50% renting.

There is a lot of housing in Lubbock built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lubbock built between 1940-1969 ( 30.25%). A lesser amount of the housing stock also hails from between 2000 and later ( 24.85%). There's also some housing in Lubbock built before 1939 ( 2.37%).

Lubbock Home Appreciation Rates

Appreciation rates for homes in Lubbock have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 59.04%, which ranks in the top 50% nationwide. This equates to an annual average Lubbock house appreciation rate of 4.75%.

Over the last year, Lubbock appreciation rates have trailed the rest of the nation. In the last twelve months, Lubbock's appreciation rate has been 16.24%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lubbock were at 6.16%, which equates to an annual appreciation rate of 26.99%.

Relative to Texas, our data show that Lubbock's latest annual appreciation rate is lower than 80% of the other cities and towns in Texas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lubbock differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lubbock - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lubbock real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$175,191

Lubbock, TX HOME PRICES

> $1,271,000
0.3%
0.3%
$953,001 - $1,271,000
0.9%
0.9%
$636,001 - $953,000
1.6%
1.6%
$508,001 - $636,000
2.4%
2.4%
$382,001 - $508,000
6.3%
6.3%
$254,001 - $382,000
13.8%
13.8%
$128,001 - $254,000
43.9%
43.9%
$64,001 - $128,000
22.5%
22.5%
$0 - $64,000
8.3%
8.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for TX

Value Relative To Nation

Number Of Homes And Apartments:
98,849

Lubbock Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
114.23% 3.52%
2
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,308 / per month

Homeownership Rate

Owners
49.5%
49.5%
Renters
50.5%
50.5%
Vacant
9.5%
9.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
24.8%
24.8%
1970 - 1999
42.5%
42.5%
1940 - 1969
30.2%
30.2%
1939 or Older
2.4%
2.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.8%
64.8%
Townhomes
3.5%
3.5%
Small Apt. Buildings
7.8%
7.8%
Apt. Complexes
22.4%
22.4%
Mobile Homes
1.4%
1.4%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
13.4%
13.4%
2 Bedrooms
23.5%
23.5%
3 Bedrooms
45.9%
45.9%
4 Bedrooms
13.8%
13.8%
5 or more bedrooms
1.2%
1.2%
0.0% 100.0%
% OF HOMES