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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 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.

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 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.

Average Home Values

 

Median Home Value:
$152,861

Lubbock, TX HOME PRICES

> $1,147,000
0.4%
0.4%
$860,001 - $1,147,000
0.9%
0.9%
$573,001 - $860,000
1.4%
1.4%
$459,001 - $573,000
2.0%
2.0%
$344,001 - $459,000
4.3%
4.3%
$229,001 - $344,000
11.8%
11.8%
$115,001 - $229,000
40.7%
40.7%
$57,001 - $115,000
26.4%
26.4%
$0 - $57,000
12.1%
12.1%
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:
95,479

Lubbock Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
87.56% 3.00%
2
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,108 / per month

Homeownership Rate

Owners
49.0%
49.0%
Renters
51.0%
51.0%
Vacant
10.6%
10.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
23.6%
23.6%
1970 - 1999
43.5%
43.5%
1940 - 1969
30.5%
30.5%
1939 or Older
2.4%
2.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.1%
65.1%
Townhomes
3.7%
3.7%
Small Apt. Buildings
7.9%
7.9%
Apt. Complexes
21.6%
21.6%
Mobile Homes
1.5%
1.5%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.6%
2.6%
1 Bedroom
12.5%
12.5%
2 Bedrooms
24.2%
24.2%
3 Bedrooms
46.2%
46.2%
4 Bedrooms
13.5%
13.5%
5 or more bedrooms
1.1%
1.1%
0.0% 100.0%
% OF HOMES