The real estate market in Lucas, Texas continued to thrive in 2015, reflecting both stability and progress. With an increase in transactions and diverse property options, the year catered to a wide range of buyers, from first-time homebuyers to those seeking high-value properties. Improved affordability and efficiency characterized a market that balanced practical options with leisure-focused and modern homes.

Total Homes Closed

A total of 124 homes closed in 2015, representing increased activity compared to the prior year’s 108 transactions. Among these sales, 60 homes featured pools, reflecting sustained or growing demand for lifestyle amenities. Additionally, 17 new construction homes entered the market, emphasizing interest in modern, updated housing options.

Property Pricing Insights

The pricing spectrum in 2015 highlighted affordability at one end and exclusivity at the other:

• Minimum Price: $35,000, offering greater affordability compared to 2014.
• Maximum Price: $1,115,000, showcasing high-end property options.
• Average Price: $550,819, reflecting stability in mid-tier housing.
• Median Price: $545,625, slightly increasing from the previous year, confirming consistent buyer demand.
• Average Price per Square Foot: $145.30, a noticeable increase from 2014, signaling an appreciation in property values.

Property Size and Features

Properties represented a variety of configurations suitable for diverse buyer preferences:

• Bedrooms: Homes offered a range from 1 to 7 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Properties had between 2 and 7 bathrooms, averaging 4 bathrooms.
• Square Footage: Sizes ranged from 837 sq. ft. to 6,276 sq. ft., with an average of 3,782 sq. ft.
• Lot Size: Lot sizes ranged from 0.00 to 6.00 acres, averaging 1.652 acres, indicating fewer large estates compared to the previous year.

Market Dynamics

The overall market remained efficient and favorable for both buyers and sellers:

• Days on Market (DOM): Properties averaged 67 days to sell, an improvement from 2014’s average of 70 days. Median DOM also decreased to 42 days, reflecting faster transactions.
• ClsPr/LstPr Ratio: Sellers closed at 97.45% of listing prices, showing strong alignment between listed and sale prices.
• ClsPr/OLP Ratio: Improved slightly to 95.51%, signaling modest adjustments from original listing prices.
• Price per Square Foot: At $145.30, the market demonstrated a clear trend of rising valuations.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2015

Electricity prices dipped to $0.12 per kilowatt-hour in 2015, down from $0.13 in 2014. This small decrease likely provided a bit of financial breathing room to households, which could have been channeled into homeownership costs. Prospective homebuyers looking for energy-friendly homes continued to dominate market trends.

Average Price for Regular Gasoline in Texas in 2015

Gas prices fell significantly to $2.17 per gallon in 2015, down from $3.15 in 2014. Plummeting fuel costs were a game-changer for homebuyers considering longer commutes. Lower transportation expenses made suburban and rural areas increasingly attractive, potentially driving demand for properties in these regions.

Average 30-Year Fixed Mortgage Rate in 2015

Mortgage rates declined slightly to 3.99% in 2015, down from 4.31% in 2014. homebuyers took advantage of this drop to enter the housing market or refinance existing loans for more affordable terms. Partnering with a local mortgage loan originator to secure pre-approval was crucial for those navigating the competitive environment fueled by lower rates.

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Summary of Real Estate Market Analysis for Lucas, TX in 2015

The 2015 real estate market in Lucas, Texas reflected a dynamic and well-balanced environment, showcasing its ability to cater to an extensive range of buyers. With a notable rise in transactions, increased demand for leisure-centric features, and a stable mid-tier segment, the market underscored its diversity and appeal.

While high-value luxury sales slightly receded, the year emphasized practicality, modern living, and efficiency in sales. Lower mortgage rates further supported activity, making homeownership more accessible while boosting confidence among both buyers and sellers. Lucas’s evolving housing market in 2015 demonstrated strong adaptability and resilience, cementing its status as an attractive and versatile destination for real estate investment.

The Importance of Statistical Data in Lucas, Texas Real Estate Market

Did you know that appraisers and Realtors rely on historical statistical data to determine a property’s current value?

Analyzing historical market data is essential for making informed decisions in today’s real estate market. Examining past trends provides valuable insights that facilitate accurate pricing, more strategic negotiations, and a comprehensive understanding of market dynamics.

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A Comprehensive Analysis of Single-Family Residential Housing Market in Lucas, TX: 2003 to Present