The 10 Highest Appreciating Neighborhoods in Lubbock
Anyone paying attention to the real estate market knows just how crazy it's been this year.
The coronavirus pandemic has had a major impact on the market and made the home-buying process even more difficult for many people. The availability of homes is sparse, and many people are having to make offers way above the asking price in order to secure a deal.
The typical home asking price increased by 15.2 percent from 2020-21. Houses are also spending an average of 32 days less on the market than last year. This is leading to low inventory of houses and rising prices, but the demand is still high. The demand for houses is up 20 percent compared to 2020.
All of this is terrible for potential home-buyers, but is pretty beneficial to homeowners and those looking to sell. The high demand means you're more likely to sell your home faster and for more than it may actually be worth.
All of this got me thinking about the homes that also have very high appreciation. I would assume this is benefiting these homes and areas even more. Homes with high appreciation are already worth more than many of the owners purchased them for, so the growth in demand would boost the value even more.
I dug back into one of my favorite sites as of late, Neighborhood Scout, and found some information on the neighborhoods in Lubbock that have the highest appreciation since 2000. I found their list of the 10 neighborhoods, which are located primarily in central and northern Lubbock.
Here are the 10 highest appreciating neighborhoods in Lubbock since 2000: