The year 2021 marked a continuation of unprecedented changes in the housing market, fueled by the second year of the COVID-19 pandemic. Buyers placed greater emphasis on luxury, functionality, and leisure as they adapted to evolving lifestyles and remote work.

Under these conditions, the real estate market in Lucas, Texas experienced notable growth., with 179 homes sold, enhanced demand for high-end properties with pools, and a seller-favored competitive environment. Favorable economic conditions, including a low 3.15% average mortgage rate, further enabled buyers to make significant investments in real estate.

Total Homes Closed

A total of 179 homes were sold in Lucas, TX during 2021, reflecting steady growth from the previous year.

• 78 pool properties were sold, demonstrating the rising demand for leisure-focused features.
• 22 new construction homes offered energy-efficient features and modern amenities, catering to buyers prioritizing updated designs.

Property Pricing Insights

Lucas’s 2021 housing market showcased a broad pricing spectrum, from entry-level options to high-end estates.

• Minimum Price: $332,500
• Maximum Price: $5,000,000
• Average Price: $999,952
• Median Price: $890,000
• Average Price per Square Foot: $245.14

The overall market reflected robust growth in property values, with prices climbing to unprecedented highs. The upper tier saw impressive performance, particularly with luxury properties.

Property Size and Features

Buyers sought spacious homes that catered to work-from-home flexibility and lifestyle improvements.

• Bedrooms: Ranged from 2 to 7, with an average of 4 bedrooms.
• Bathrooms: Varied between 1 and 7, averaging 4 bathrooms.
• Square Footage: Home sizes ranged from 1,593 sq. ft. to a massive 12,218 sq. ft., with an average of 4,044 sq. ft.
• Lot Sizes: Properties spanned from 0.340 acres to 12.608 acres, offering ample outdoor space with an average lot size of 1.871 acres.

Market Dynamics

The Lucas, Texas real estate market in 2021 was defined by rapid sales and a high degree of competition.

• Days on Market (DOM): Homes sold significantly faster, averaging only 27 days, with a median DOM of 7 days, allowing sellers to close deals with minimal delays.
• ClsPr/LstPr Ratio: Sellers achieved an average of 101.82% of listing prices, signaling frequent bidding wars.
• ClsPr/OLP Ratio: Stood at 101.19%, reflecting strong seller power and limited price reductions.
• Average Price per Square Foot: Increased to $245.14, a testament to heightened property valuations.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2021

Electricity prices rose again to $0.14 per kilowatt-hour in 2021, up from $0.13 in 2020. This upward trend in energy costs likely pushed buyers to prioritize homes with efficient heating and cooling systems. Green-certified homes may have seen increased interest as buyers sought to offset higher utility bills.

Average Price for Regular Gasoline in Texas in 2021

Gas prices climbed to $2.65 per gallon in 2021, up from $1.82 in the prior year. This sharp increase put pressure on household budgets, especially for buyers with long commutes. Urban properties or homes in transit-accessible locations likely became more appealing as buyers aimed to minimize transportation expenses.

Average 30-Year Fixed Mortgage Rate in 2021

The average 30-year fixed mortgage rate dropped slightly to 3.15% in 2021, down from 3.38% in 2020. This decline further fueled homebuying demand, making mortgages more affordable despite rising home prices. Potential homebuyers were strongly advised to secure pre-approval through local mortgage loan originators to enhance their financial readiness during highly competitive conditions.

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Summary of Real Estate Market Analysis for Lucas, TX in 2021

In 2021 Lucas, Texas real estate market illustrated exceptional resilience and adaptability during the second year of the COVID-19 pandemic. Buyers demonstrated shifting priorities, with increased demand for properties offering lifestyle amenities like pools and spacious layouts for both work and leisure.

The market broke new ground with a record-setting luxury estate sale and saw rapid transaction speeds, propelled by unparalleled market efficiency. Low mortgage rates further enhanced affordability, enabling strong buyer engagement despite rising gas prices and economic uncertainties. With its ability to balance a diverse range of buyer needs and maintain a thriving, competitive atmosphere, Lucas’s housing market stands as a testament to robust growth and innovation, paving the way for continued success in fluctuating conditions.

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