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Real Estate Rundown: June 2024 housing market report

June Real Estate Report with F.C. Tucker’s Dan Brown

INDIANAPOLIS (WISH) — People buying homes are getting some relief in both affordability and choices.

Dan Brown is a realtor with FC Tucker. He joined Daybreak on Tuesday for the monthly Real Estate Rundown, where he discussed the data in F.C. Tucker’s housing market report for June.

June results show a calming in the local market after a long spring of rising prices.

“The numbers really reflect kind of a plateauing of prices, which is significant. Prices did not rise in June significantly at all. They held steady with May and that was after a 6% increase in May alone, if you recall. They only went up 1% in June and that’s really significant,” Brown said. “That was coupled with the interest rates that are holding lower than 7% and they’ve been below 7% now for almost two months. So that combined together is allowing buyers to really negotiate and give them a little bit more time to look for the home that they want.”

According to FC Tucker’s report, the median sales price in central Indiana rose 1% in June to $315,000 after rising almost 6% in May. Inventory jumped up 5.5% and is up 22% over last year. 

Brown says more sellers are entering the market and providing more competition and selection for homebuyers.

“People who are putting their house on the market are also buying houses. So it’s a cycle and those buyers with a house on the market – that brings more inventory for everybody,” Brown said.

According to F.C. Tucker, days-on-market figures remained unchanged at 10 days (median) and 33 days (average) for June. Brown says this points to a competitive market where demand far outstrips supply. Therefore, new home listings are going under contract at the same rate as before because more buyers are in the market.

“What’s interesting is that some houses are sitting longer and some are being snapped up right away. So when we’re talking about strategy — sellers really should carefully price their home for the market they’re in and not the broader market,” Brown said.

Watch the full interview above for June’s Real Estate Rundown. 

News 8 Daybreak anchor Hanna Mordoh (left) with F.C. Tucker’s Dan Brown. (WISH Photo)