The real estate market in Lucas, Texas remained active in 2024, showing notable increases in transaction volume and consistency in pricing.

With sustained median values and rising transaction volumes, it showcased the strengths of its property diversity and range of amenities. HomeBuyers’ selective focus on premium features and pricing management by home-sellers created a market poised for balanced growth, even in challenging economic conditions.

Total Homes Closed

With 148 homes sold, transactions marked an improvement from the previous year. The market saw strong interest in high-quality homes, with 42 new construction properties sold, highlighting a focus on modern, energy-efficient designs. Additionally, 68 pool-equipped homes catered to lifestyle-oriented buyers, reflecting demand for leisure-enhancing features.

Property Pricing Insights

Property prices in 2024 ranged widely, catering to various homebuyer demographics.

• Minimum Price: $390,000
• Maximum Price: $3,851,000
• Average Price: $1,103,542
• Median Price: $950,000
• Average Price per Square Foot: $276.08

These figures highlight a balanced market, with competitive pricing across mid-tier and luxury segments.

Property Size and Features

Lucas’s housing options spanned diverse needs, emphasizing flexibility and modern amenities.

• Bedrooms: Ranged from 2 to 7, with an average of 4 bedrooms.
• Bathrooms: Varied from 2 to 10, averaging 4 bathrooms.
• Square Footage: Homes ranged between 1,404 sq. ft. and 8,729 sq. ft., averaging 3,890 sq. ft.
• Lot Sizes: Spanned from 0.182 acres to 13.381 acres, with an average size of 1.49 acres.

Market Dynamics

While transaction volumes rose, market efficiency slightly declined, indicative of ongoing economic influences.

• Days on Market (DOM): Homes averaged 57 days on market, with a median of 43 days.
• ClsPr/LstPr Ratio (Close Price to Listing Price): Averaged 96.55%, pointing to reasonable negotiation margins for buyers.
• ClsPr/OLP Ratio (Close Price to Original Listing Price): Declined slightly to 93.65%, signaling moderate price corrections during the listing period.
• Average Price per Square Foot: Settled at $276.08, showing stable property value trends.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2024

Electricity prices rose again to $0.19 per kilowatt-hour in 2024, up from $0.17 in 2023. The steady rise in energy costs underscored the growing value of homes equipped with renewable energy solutions. Energy-conscious designs likely remained a key factor in real estate market trends.

Average Price for Regular Gasoline in Texas in 2024

Gas prices settled slightly lower at $2.86 per gallon in 2024, down from $3.06 in 2023. This decrease, while modest, might have encouraged more exploratory behavior from buyers considering homes in more distant locations. The reduced cost of transportation relieved some financial stress for commuting.

Average 30-Year Fixed Mortgage Rate in 2024

The average 30-year fixed mortgage rate fell marginally to 6.90% in 2024, down from 7.00% in 2023. While still elevated, this slight decline could provide homebuyers with additional opportunities to re-enter the market. Pre-approvals with a local mortgage loan originator remained critical in helping buyers react quickly to evolving financial conditions and maintain a competitive edge.

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Summary of Real Estate Market Analysis for Lucas, TX in 2024

The 2024 real estate market in Lucas, Texas showcased a remarkable balance between adaptability and growth, navigating economic headwinds like mortgage rates averaging 6.90% and fluctuating living costs. The market achieved increased transactions while maintaining diverse property offerings, ranging from affordable homes to luxury estates. Sellers adeptly adjusted to buyer priorities, facilitating steady property values and competitive pricing.

The integration of modern, energy-efficient living through new construction homes and lifestyle-focused features like pools underscored the ability to meet evolving demands. Despite a mix of economic pressures, the market’s resilience and diversity reinforced its strength, setting the stage for continued success in future years.

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