The realty market amounted to a nearly $486 million chunk of the Bloomington Normal economy last year. That's up more than 2% in dollars.
The number of home sales rose by 2.8%.
Ed Neaves is the President of the Bloomington Normal Association of Realtors. Neaves said that's better than in many parts of the country.
"The real estate market has been challenged across the country in various marketplaces. So, the fact that we are up almost 3% overall is good news. Pre-existing homes have sold at a rapid pace, averaging almost 70 days on the market," said Neaves.
He said the only trouble spot is that there aren't enough homes for sale, about 800 in the several county area, and 500 in the twin cities proper. That's down 114 homes from this time last year.
"A year ago we had a thousand houses on the market. In 2011 in the spring we had 1,600. So, these numbers I am seeing right now, are the lowest numbers I can recall," said Neaves.
The average price of a home declined slightly to just under $171,000.
2,859 homes, condos, and zero lot line homes changed hands in the area in 2016.
