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 260,993 people, 98,849 houses or apartments, and a median cost of homes of $190,896, 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%).
Real estate appreciation rates in Lubbock's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.55% during the period.
NeighborhoodScout's data show that during the latest twelve months, Lubbock's appreciation rate, at 12.79%, has been at or slightly above the national average. In the latest quarter, Lubbock's appreciation rate has been 4.20%, which annualizes to a rate of 17.89%.
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.
Low for Nation
Average for TX