The Mid-Illinois Realtors Association has reported home sale numbers through the first three quarters of the year that show a noticeable rise in new Bloomington-Normal construction, but largely static numbers of existing homes sold.
Average prices continue to trend upward, at nearly $286,000 for October and $287,000
The average price of an existing home sold in Bloomington-Normal this year is up 44% since 2020.
year to date. Through 10 months of the year, the average price of a home sold in the Twin Cities is up 8.1% from last year. The average increase in price per house is about $21,000.
Through October, 1,258 pre-existing homes have sold in the Twin Cities. That’s up just two homes, which may illustrate the effect of high interest rates suppressing the number of people converting from renters to owners and the inhibiting effect of the rise in prices on the willingness and ability of current homeowners to trade up. Those factors are both national trends as well.
Sales of new homes in Bloomington Normal are up nearly 16% through the third quarter for a total of 90. The average price of a new home is up 9.3%, higher than the overall 8.1% rise in average price of all homes, condos, and zero lot line homes that changed hands. The average price of a new home is up nearly $39,000 through the end of October.
The average price of an existing home sold in Bloomington-Normal this year is $274,895. That's up 44% since 2020.
Sales of newly built homes in the entire Multiple Listing Service area that includes McLean, Livingston, and Dewitt counties were up year-to-date 10.6%, more than the 5.9% jump for Bloomington-Normal proper. Sales of all homes sold were also up 4.2% in the three-county MLS region, well above the 0.5% increase in the Twin Cities alone.
National Association of Realtors chief economist Lawrence Yun said he expects further interest rate reductions next year to improve the climate for home sales across the country.
“Maybe the worst is coming to an end,” added Yun. “Directionally, I think there’s going to be roughly a 10% boost of existing-home sales in 2025 and 2026.”
Last month, Yun projected new home sales to be 11% higher across the nation in 2025 and 8% higher in 2026. Yun forecasts the median home price to be 2% higher in both 2025 and 2026.
