Metropolitan Statistical Area (MSA):
Lubbock, TX is a Metropolitan Statistical Area (MSA) comprising counties including .
Lubbock's housing market is booming thanks to the city's strong economy. The unemployment rate in Lubbock is just 3.4%, well below the national average of 5%. This low unemployment rate, combined with the city's growing population, has led to increased demand for housing.
The median home price in Lubbock is $142,000, up 8% from last year. Home prices are expected to continue to rise as demand for housing remains strong. The number of homes sold in Lubbock has also increased, rising 9% from last year.
Investors are taking notice of Lubbock's strong housing market and are investing in new construction projects. Several new apartment complexes and subdivisions are currently under construction or in the planning stages. These new developments will help meet the growing demand for housing and should help keep prices affordable.