As in many of our Twin Cities suburbs, Bloomington’s real estate market is definitely turning the corner and transforming into a seller’s market.
Although more Bloomington homeowners have decided to sell this year over last (a 17.1 increase in new listings), more homes have sold, which is clear evidence that buyer interest is still quite strong in the Bloomington home market.
Bloomington’s median sales price increased almost 6 percent over this time last year and now sits at $211,750.
What these numbers mean for folks hoping to purchase a home in Bloomington is that you should act quickly. We don’t foresee home prices going down anytime in the near future and interest rates may be rising, so this is the time to act.
If you do decide to jump into the Bloomington real estate market, be aware that multiple offer situations are becoming more commonplace, especially for well-maintained homes in desirable areas of Bloomington. There are few homes available (we have a paltry 2.5 months’ inventory of available homes) so there’s lots of competition for the gems.
If you own a home in Bloomington and you’ve been thinking of selling, you should know that sellers are in the driver’s seat right now so get that home listed.
The West Bloomington real estate market fared far better in the latest numbers than East Bloomington. We saw a more than 30 percent increase in new listings and a 22.1 percent jump in inventory. West Bloomington’s median sales price is now $220,000, up 5 percent over this time last year.
East Bloomington’s real estate market saw fewer homes listed this year over last and fewer closed sales. Inventory is extremely tight here ― we have only a 1.8 month supply of inventory. Supply and demand is definitely at work here in East Bloomington which is evidenced by a 6.5 percent rise in the median sales price of a home. It now sits at $197,000.