The real estate market in Lucas, Texas during 2023 navigated a dynamic landscape shaped by economic challenges, including elevated mortgage rates averaging 7.00% and gas prices at $3.06 per gallon.

Despite these pressures, the market demonstrated resilience by closing 132 transactions, indicating a slight rebound from the prior year. HomeBuyers were drawn to modern features, while lifestyle-centric amenities like pools continued to capture interest. Home-Sellers adjusted expectations amidst longer sales cycles and increased emphasis on competitive pricing.

Total Homes Closed

Lucas, TX recorded 132 residential single-family home sales, representing diverse offerings across mid-tier and luxury segments.

• 33 new construction homes sold, underscoring a strong interest in modern designs and energy-efficient properties.
• 56 homes with pools were sold, highlighting ongoing demand for leisure-enhancing amenities amidst lifestyle-focused purchasing trends.

Property Pricing Insights

HomeBuyers and home-sellers engaged across a wide price spectrum, reflecting market diversity.

• Minimum Home Price: $535,000
• Maximum Home Price: $3,402,800
• Average Home Price: $1,169,366
• Median Home Price: $1,050,000
• Average Price per Square Foot: $293.66

Property Size and Features

Lucas’s homes in 2023 catered to varying buyer needs, offering flexible sizes and upscale features.

Bedrooms: Ranged from 3 to 7, with a typical home featuring an average of 4 bedrooms.

Bathrooms: Varied from 2 to 8, with an average of 4 bathrooms.

Square Footage: Properties spanned from 1,404 sq. ft. to 8,095 sq. ft., with an average size of 4,036 sq. ft.

Lot Sizes: Ranged between 0.199 acres and 12.162 acres

Market Dynamics

The market in 2023 reflected stabilized demand but with longer sales cycles and greater price sensitivity.

• Days on Market (DOM): Homes spent an average of 59 days on market, reflecting a modest slowdown. The median DOM was 38 days, indicating a mix of quick and extended transactions.
• ClsPr/LstPr Ratio (Close Price to Listing Price): Averaged 97.25%, signaling moderate buyer negotiations.
• ClsPr/OLP Ratio (Close Price to Original Listing Price): Averaged 94.55%, highlighting an increase in price adjustments.
• Average Price per Square Foot: Prices reached $293.66, continuing to trend upward despite fewer ultra-high-end sales compared to prior years.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2023

Electricity prices dropped slightly to $0.17 per kilowatt-hour in 2023, compared to $0.18 in 2022. While this small decrease provided some relief, energy-efficient homes remained a top priority for homebuyers. Such features offered long-term cost savings that appealed to budget-conscious households.

Average Price for Regular Gasoline in Texas in 2023

Gas prices fell to $3.06 per gallon in 2023, down from $3.47 the previous year. This decline could have renewed interest in suburban properties by making commutes more affordable. homebuyers may have placed higher importance on access to amenities and infrastructure to balance the potential for rising future gas prices.

Average 30-Year Fixed Mortgage Rate in 2023

Mortgage rates increased to 7.00% in 2023, up sharply from 5.53% the prior year. This jump added significant pressure to affordability and homebuyers’ decision-making. Pre-approvals through local mortgage loan originators became essential in helping buyers secure competitive rates and stay within budget during challenging conditions.

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Summary of Real Estate Market Analysis for Lucas, TX in 2023

The 2022 real estate market in Lucas, TX demonstrated remarkable balance and resilience despite significant economic challenges, including sharp increases in mortgage rates reaching 7.00% and elevated living costs.

While these conditions tempered transaction speed and introduced heightened price negotiations, the market adapted by showcasing a diverse range of properties that matched evolving buyer priorities. The emphasis on modern construction, leisure features like pools, and high-end amenities reflected the ability to cater to both mid-market families and luxury investors.

Home-Sellers adjusted expectations to accommodate selective buyer behavior, while property values remained robust, with higher median and per square foot pricing. This adaptability and strategic diversity ensured Lucas’s housing market continued to thrive, paving the way for sustained growth in the face of challenges.

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