Lucas’s real estate market in 2019 saw a resurgence in activity, recording 143 homes sold, a notable recovery from the previous year. With an emphasis on modern features, leisure-focused amenities, and a steady interest in luxury housing, the market continued to attract diverse buyer groups. Economic factors like a relatively low average 30-year mortgage rate of 4.13% supported buyer confidence, ensuring balance between affordability and demand for upscale properties.

Total Homes Closed

The market closed 143 transactions, a significant increase from 2018’s total of 102.

• 59 homes featured pools, reflecting a sustained preference for outdoor living.
• 33 new construction homes catered specifically to buyers aiming for modern, energy-efficient properties.

Property Pricing Insights

The 2019 market displayed strong appreciation trends across various pricing categories:

• Minimum Price: $302,000, offering entry-level access to homeownership.
• Maximum Price: $1,858,752, showcasing the strength of the luxury segment.
• Average Price: $736,869, reflecting healthy valuation trends.
• Median Price: $714,000, indicating strong activity in the mid-to-upper price range.
• Average Price per Square Foot: $175.23, marking stability in property value per square foot.

Property Size and Features

A variety of homes appealed to different buyer needs with these statistics:

• Bedrooms: Ranged from 3 to 7, with an average of 4 bedrooms, ideal for families or larger households.
• Bathrooms: Configurations ranged from 2 to 7, averaging 4 bathrooms, meeting the demand for extra space and luxury.
• Square Footage: Properties spanned from 1,698 sq. ft. to 7,660 sq. ft., with an average of 4,211 sq. ft., offering ample space for buyers at different price points.
• Lot Sizes: Ranged from 0.330 acres to 17.000 acres, with an average of 1.827 acres, broadening the appeal for buyers seeking outdoor space.

Market Dynamics

Efficiency in the market reflected steady buyer activity and occasional adjustments:

• Avg. Days on Market (DOM): 107 days, showing slightly protracted luxury and niche segments.
• Median DOM: 69 days, indicating quicker sales in the high-demand mid-tier segment.
• ClsPr/LstPr Ratio: 97.43%, demonstrating alignment in buyer-seller expectations.
• ClsPr/OLP Ratio: 93.00%, indicating frequent strategic price adjustments during listings.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2019

The average electricity price in 2019 climbed to $0.14 per kilowatt-hour, up from $0.13 in 2018. This uptick added some pressure on household budgets, further solidifying the need for energy-efficient homes. Properties featuring solar panels or smart home technologies likely gained value as homebuyers sought ways to mitigate rising energy expenses.

Average Price for Regular Gasoline in Texas in 2019

Gas prices fell slightly to $2.29 per gallon in 2019, down from $2.44 in 2018. This small decline brought modest relief to transportation costs and may have encouraged suburban home purchases, where commuting distances tend to be longer. Homebuyers likely balanced fuel costs with home prices when making location decisions.

Average 30-Year Fixed Mortgage Rate in 2019

Mortgage rates averaged 4.13% in 2019, down from 4.70% the year before. This noticeable decline made homeownership more attainable for many homebuyers and likely spurred activity in the housing market. Pre-approvals through local mortgage loan originators remained key for buyers wanting to confidently pursue homes amid favorable rate conditions.

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Summary of Real Estate Market Analysis for Lucas, TX in 2019

Lucas’s 2019 real estate market demonstrated a robust comeback, combining diversity, balance, and opportunity to cater to a wide range of buyers. With an increase in transactions, rising median prices, and growing interest in leisure amenities like pool homes and spacious lots, the market reflected vibrant activity and adaptability. The luxury segment flourished, highlighted by record-breaking sales that underscored the city’s appeal to high-end buyers.

At the same time, affordable entry points and modern new construction homes satisfied first-time homebuyers and families alike. Favorable economic conditions, including lower mortgage rates, further supported buyer engagement. Overall, Lucas’s real estate sector proved resilient and forward-thinking, setting the stage for even greater achievements in the years ahead.

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