Homes Are Staying on the Market Longer in Our Area
Here’s what you need to know about our increasing average days on market.
What’s happening with homes in the Central Indiana real estate market? Many clients have asked me why homes are staying on the market longer, so today I want to talk about the average days on market in our area and what it means for you.
It looks like rising interest rates, high inflation, and climbing home prices are starting to impact our market. Buyers’ purchasing power has been affected, and demand is falling as a result. This means that the balance of power is shifting from an extreme seller’s market to a more balanced one. This may sound scary, but it’s good news for everyone in the long term.
To illustrate my point, I checked the MLS recently to see how long the average home was staying on the market. For June 2022, the number of houses staying on the market longer than 10 days was up up 42% compared to last year. In other words, more homes are staying on the market longer.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!