The Bloomington-Normal housing market slowed down in 2019, and real estate agents again pointed the finger at low inventory as a main culprit.
There were 2,636 home sales in 2019, down 7.5% from 2018, the Bloomington-Normal Association of Realtors reported Friday. That was a bigger slowdown than the statewide pace (down 2.6%).
BNAR President Penny Wilson said the slower 2019 was “due to the low inventory available for purchase.”
“Pent up buying demand is causing the need for more houses,” Wilson said Friday.
The average price for a home sold in Bloomington-Normal was $175,177 in 2019, essentially unchanged from the year before, BNAR reported. Statewide, average prices increased 3.4% in 2019, according to Illinois Realtors.
“Currently our inventory remains low, and this may cause housing prices to rise. A rise in existing home prices may spike the need for new construction,” Wilson said.
Homebuilders would welcome that news. The number of newly built homes sold in 2019 fell to just 49 in the Bloomington-Normal area, down 43% from 2018, BNAR reported.