Lubbock realtor explains why homes cost more in 2022

Published: Dec. 29, 2022 at 10:03 PM CST|Updated: Dec. 29, 2022 at 10:16 PM CST
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LUBBOCK, Texas (KCBD) - A Lubbock realtor says if you bought a home this year, chances are you paid more for it.

The Lindsey Bartley Team at Taylor Reid Realty sold 300 homes in 2022 - which is 50 less than the team did last year. The owner, Lindsey Bartley, says overall it was still a good year for the team.

“We definitely sold a few less homes, but we, our volume overall was more due to the higher prices,” Bartley said.

While it was a good year for some realtors, for buyers the average cost to purchase a home was up $35,000.

“So, it’s gone up pretty significantly over the past year,” Bartley said.

In 2021, it cost $250,000 to buy a home in Lubbock. That price increased to $285,000.

Bartley says there are many reasons it’s costing you more to put down roots. One of those reasons cold be because the Hub City is growing.

“We saw lots of people from California and other states moving into Texas; they would go to areas like Austin and Dallas,” Bartley said. “Then we saw a lot of moving in here. Our economy here is stable, we have awesome education and health care, all of those things.”

Then there are fluctuating interest rates. Bartley says at the beginning of the year, rates were at 2%, and went up to 7%. Now, they’re sitting around 6.5%.

“I think the biggest thing this past year has been interest rates on top of home prices just rising in general,” Bartley said. “It’s been kind of a double whammy if you will. So, it’s really kept a lot of people out of the market.”

If you are still looking for a home, she says you have a lot more options now than you did a couple years ago. In 2022, The Lindsey Bartley Team saw a 136% increase in homes entering the market.

“Right now, for people who do want to buy a house and even sell it is a great market as long as you’re educated, and as long as you’re working with the right people who will let you know all of your options,” Bartley said.

Bartley says if interest rates stay where they are now, or decrease to 5%, the real estate market could be in good shape for 2023.

Compared to other places in Texas, she says Lubbock has still had steady growth with no significant jumps, like some cities have had.