New report shows remarkable strength of Texas and Lubbock real estate markets
The 2016 Texas Real Estate Year in Review Report was released today by the Texas Association of Realtors. The 105-page report documents real estate trends for the state of Texas and 25 major metropolitan markets within the state.
Overall, the statewide numbers are impressive.
“Strong gains in end-of-year home sales activity were a key factor in making 2016 another record year for Texas real estate,” said Vicki Fullerton, chairman of the Texas Association of Realtors, in a press release today. “Last year’s record home sales activity was fueled by the momentum of multiple years’ strong job and population growth across the state, despite the fact that Texas job and economic growth began to slow in 2016.”
“Texas home prices rose steadily throughout last year, with the median price in 2016 increasing 7.7 percent from the year prior, to $210,000,” the statement explained. “Over the same timeframe, Texas also experienced continued growth in home sales volume, which increased 4.6 percent to 324,924 homes sold in 2016.”
Looking at Lubbock specifically, the 2016 Texas Real Estate Year in Review Report shows that last year was clearly a good one for the Hub City. The median home price, number of homes sold, number of active listings, and average price per square foot were all up from 2015. Meanwhile, months of inventory and average days on market decreased in 2016 compared to 2015—an indication of a healthy real estate market with strong demand.
For additional information about Lubbock’ economy and real estate market, visit the Coldwell Banker Commercial Capital Advisors market reports page.
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Contact: Garrett Haley, (806) 784-3219
Coldwell Banker Commercial Capital Advisors
Source: Texas Association of Realtors