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Lubbock real estate market overview
- Average Monthly Rent: $1,125
- Home Price/Value Percentage Change: 7.20%
- Median Home Value: $205,581
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 42
- Job Market: Fair
- Public School Ranking: 27
Location and weather
The suburban city of Lubbock is located in the northwestern region of Texas. Nicknamed the "Hub City", Lubbock is an economic, education, and health care center of the South Plains. It is also the 11th most populous city in Texas, and is historically known as Llano Estacado. City parks, golf courses, breweries, hiking trails, museums and music venues line the streets, making this another Texan city perfect for those interested in small-town charm.
Temperatures here are warm, but manageable. Average high temps are in the 90s and cold temperatures drop to the 20s during winter. There are also around 7 inches of snow per year.
Population, job market and cost of living
Lubbock's population is 265,412, with a growth rate of 1.05% annually.
The job market has decreased by -3.93% over the last year. In ten years, job growth is predicted to be 39.78%. This city was named the 12th Best Place to Start a Small Business by CNNMoney.com, due to its economic climate, inexpensive commercial real estate, and central location.
Lubbock is also home to Texas Tech University and Lubbock Christian University, driving a large education industry here as well. Lubbock is an affordable place to live in Texas, and has very affordable housing.
Lubbock real estate market details
- North by Northwest
- Preston Smith
- Maxey Park
- Tech Terrace
- Heart of Lubbock
The average monthly rent in Lubbock is $1,125 for an average apartment size of 920 sq. feet.
There has been a 7.2% increase in Lubbock's median home value over the last year. As of 2023, the median home value is $205,581.
On average, homes in Lubbock sell after 42 days on the market.
Home sales during June can provide the highest valued sale, while home sales in June also can provide the quickest sale.
The affordability index in Lubbock is 81. This number indicates moderate affordability in this city.
The top ranked public schools are Crestview Elementary, Wilson Elementary, Talkington School for Young Women Leaders, Honey Elementary, Smith Elementary, Hutchinson Middle, and Oak Ridge Elementary. This information derives from data from The US Department of Education, The US Census Bureau and the Texas Education Agency.