Looking at local home listings, you’ll notice a lot on the market but not many sales.
September to March is typically slow for the housing market, and would-be buyers are waiting for the Federal Reserve to reduce interest rates before locking into a mortgage.
Doug McCoy of the IU Center for Real Estate Studies said you shouldn’t count on prices going down anytime soon.
Supply remains short, and with lower rates possibly around the corner, sellers can afford to wait.
“I'm afraid for these buyers,” McCoy said. “They're going to have to pay up probably, because I don't see sellers based on their lower interest rates and their equity in their homes budging very much.”
McCoy said Bloomington’s market doesn’t look too different from the nation at large.
The median list price for a home in Bloomington is around $370,000, according to realtor.com.
