The 2018 real estate market in Lucas, Texas exhibited a slight decline in activity compared to prior years, closing with fewer transactions. Despite this contraction, the market showed resilience and adaptability, emphasizing leisure-driven features, modern energy-efficient builds, and a balanced range of housing options. The notably higher average mortgage rate of 4.70% presented challenges, yet buyers continued to engage across various price points, underscoring Lucas’s enduring market appeal.

Total Homes Closed

Lucas, TX saw 102 homes closed during 2018, reflecting a slowdown in transaction volume. Among these, 27 were new construction homes, appealing to buyers seeking contemporary features and energy efficiency. Additionally, 37 properties with pools highlighted the continued demand for outdoor leisure amenities, catering to lifestyle-focused buyers.

Property Pricing Insights

The 2018 housing market displayed a diverse pricing spectrum:

• Minimum Price: $165,000—exhibiting accessibility at the entry level.
• Maximum Price: $1,569,213—featuring luxury estate offerings.
• Average Price: $667,747—slightly higher compared to prior years, maintaining steady appreciation trends.
• Median Price: $647,500—reinforcing Lucas’s mid-market strength for both buyers and sellers.
• Average Price per Sq. Ft.: $175.49—demonstrating rising property valuations.

Property Size and Features

A variety of property sizes and configurations catered to diverse buyer preferences:

• Bedrooms: Ranged from 2 to 6, with an average of 4 bedrooms, ideal for family buyers.
• Bathrooms: Offered 2 to 7 bathrooms, averaging 4, reflecting upscale living options.
• Square Footage: Homes ranged between 820 sq. ft. and 6,693 sq. ft., with an average size of 3,838 sq. ft., appealing to those seeking spacious interiors.
• Lot Sizes: Ranged from 0.413 to 7.034 acres, averaging 1.675 acres, balancing suburban needs with estate-style properties.

Market Dynamics

Efficiency showed mixed results, with certain metrics reflecting slower turnover rates:

• Average Days on Market (DOM): Properties took an average of 91 days, impacted by higher mortgage rates and luxury segments.
• Median DOM: Homes typically sold faster in 55 days, reflecting high demand in the mid-tier market.
• ClsPr/LstPr Ratio: Sellers achieved 96.67% of listing prices, showcasing buyer and seller alignment.
• ClsPr/OLP Ratio: At 92.71%, observed adjustments were common for initial pricing strategies.
• Average Price per Sq. Ft.: Increased to $175.49, reflecting a steady rise in housing valuations.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2018

Electricity prices increased to $0.13 per kilowatt-hour in 2018, compared to $0.12 in 2017. This climb likely drove demand for energy-efficient housing and renovations, placing greater emphasis on properties with modern upgrades that helped households manage increasing utility costs.

Average Price for Regular Gasoline in Texas in 2018

Gas prices also rose, reaching $2.44 per gallon in 2018, up from $2.19 in 2017. With transportation becoming more expensive, proximity to workplaces and public transportation remained important for homebuyers. Walkable neighborhoods and mixed-use developments gained traction during this period.

Average 30-Year Fixed Mortgage Rate in 2018

Mortgage rates climbed to 4.70% in 2018, from 4.14% in the previous year. For many homebuyers, this level of interest rate signaled urgency to act before rates increased further. Getting pre-approved by a local mortgage loan originator was pivotal for navigating the pressures of a market increasingly shaped by rising rates.

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Summary of Real Estate Market Analysis for Lucas, TX in 2018

Lucas’s 2018 real estate market highlighted its ability to cater to diverse buyer preferences, showcasing a balance between affordability and opulent luxury. While the overall transaction volume declined, the market demonstrated resilience through price appreciation, modern features, and standout events such as the rapid sale of premium luxury properties. With new construction homes and pool properties maintaining significant demand, the market’s diversity proved crucial in appealing to a broad spectrum of buyers.

Despite the challenges posed by rising mortgage rates, Lucas’s real estate sector thrived by offering a dynamic mix of opportunities, affirming its place as a vibrant and adaptive housing market. Looking ahead, this foundation sets the stage for continued innovation and growth in the years to come.

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