Lubbock, TX
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Lubbock Neighborhoods Since 2000




Lubbock, TX Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lubbock Housing Market Information

With 249,042 people, 90,433 houses or apartments, and a median cost of homes of $116,274, 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 65.62% of the city's housing units. Other types of housing that are prevalent in Lubbock include large apartment complexes or high rise apartments ( 20.06%), duplexes, homes converted to apartments or other small apartment buildings ( 8.64%), and a few row houses and other attached homes ( 3.46%).

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 50.67% owning and 49.33% 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 ( 33.00%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.56%). There's also some housing in Lubbock built before 1939 ( 3.19%).

Lubbock Home Appreciation Rates

In the last 10 years, Lubbock has experienced some of the highest home appreciation rates of any community in the nation. Lubbock real estate appreciated 21.50% over the last ten years, which is an average annual home appreciation rate of 1.97%, putting Lubbock in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lubbock definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 1.50%, 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 -0.68%, which equates to an annual appreciation rate of -2.69%.

Notably, Lubbock's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Texas, our data show that Lubbock's latest annual appreciation rate is lower than 90% 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:
$116,274

Lubbock, TX HOME PRICES

Value Range
> $1,108,000 0.1
$831,001 - $1,108,000 0.6
$554,001 - $831,000 1.0
$443,001 - $554,000 1.1
$332,001 - $443,000 3.4
$222,001 - $332,000 7.6
$111,001 - $222,000 35.2
$56,001 - $111,000 34.9
$0 - $56,000 16.1

Average for TX
Low for Nation

Value Relative to Nation Value Relative to State
67.5963904840033 51.556420233463

Number Of Homes And Apartments:
90,433

Lubbock Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
57.17% 2.66% 3 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$937 / per month

Homeownership Rate

Homeownership
Owners 50.67
Renters 49.33
Vacant 9.70

Housing Market Details

 

Age of Homes

AGE OF Lubbock HOMES
2000 or Newer 19.6
1970 - 1999 44.3
1940 - 1969 33.0
1939 or Older 3.2

Types of Homes

TYPE OF Lubbock HOMES
Single-Family 65.6
Townhomes 3.5
Small Apt. Buildings 8.6
Apt. Complexes 20.1
Mobile Homes 2.2
Other 0.1

Home Size

SIZE OF Lubbock HOMES
No Bedroom 3.14
1 Bedroom 12.53
2 Bedrooms 24.18
3 Bedrooms 46.97
4 Bedrooms 12.00
5 or more bedrooms 1.19