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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 258,862 people, 95,479 houses or apartments, and a median cost of homes of $152,861, 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 65.05% of the city's housing units. Other types of housing that are prevalent in Lubbock include large apartment complexes or high rise apartments ( 21.64%), duplexes, homes converted to apartments or other small apartment buildings ( 7.95%), and a few row houses and other attached homes ( 3.73%).
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 48.96% owning and 51.04% 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 ( 30.51%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.58%). There's also some housing in Lubbock built before 1939 ( 2.39%).
Vacant housing appears to be an issue in Lubbock. Fully 10.59% of the housing stock is classified as vacant. Left unchecked, vacant Lubbock homes and apartments can be a drag on the real estate market, holding Lubbock real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
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 39.03%, which ranks in the top 50% nationwide. This equates to an annual average Lubbock house appreciation rate of 3.35%.
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 4.65%, 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 0.75%, which equates to an annual appreciation rate of 3.03%.
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 70% 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.
Low for Nation
Average for TX