Central Indiana housing market remains strong with busy spring ahead

Indianapolis, Indiana – The housing market in central Indiana is anticipated to warm up along with the weather once spring arrives and the temperatures begin to rise.

Dan Brown, a local realtor, appeared on “Daybreak” on Sunday to discuss recent developments in the housing market.

Brown, a branch manager and first vice president of F.C. Tucker Co.’s residential division, discussed the health of the Indianapolis region housing market at the moment and what can be inferred from the January 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.

Prices continue to be strong due to unmet housing demand even in the face of rising costs, despite inventory levels and days-on-market approaching pre-pandemic levels.

Expect a highly active spring market where buyers have more time and options and where sellers continue to earn strong equity returns. Expect prices to increase once more due to a surge in demand if mortgage interest rates start to decline.