FILE – A “for sale” sign stands in front of a house in Pennsylvania, near Philadelphia, on June 8, 2018. A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, July 27, 2022, in what they are calling the second-largest redlining settlement in history. (AP Photo/Matt Rourke, File)
INDIANAPOLIS (WISH) — When spring arrives and the temperatures start warming up, the housing market in central Indiana is expected to do the same.
Realtor Dan Brown came on “Daybreak” Sunday to share the latest on the local real estate market.
Brown, a branch manager and first vice president of the residential division of F.C. Tucker Co., talked about the current state of the Indianapolis-area housing market and what can be learned from January’s real estate report.
Here is a quick summary of the January data:
- New listings were down 8% from December (a cyclical dip) but the total inventory of homes for sale nearly doubled from this time last year.
- Sale prices were down 5% from December, but were still up from January 2022, offering solid returns in what remains a sellers’ market.
- The average number of days-on-market shot up 600% from 6 days last January to 37 days last month.
With inventory numbers and days-on-market moving toward pre-pandemic levels, prices remain strong due to unmet housing demand even in the face of escalating costs.
Expect a very busy spring market with buyers enjoying more time and selection and sellers still receiving great equity returns. If mortgage interest rates begin to sink, expect prices to rise again from a rush of demand.
