Mid-Illinois Realtors Association

Patrick Hoban painted an alarming picture about the future of Bloomington’s housing market Tuesday as Bloomington City Council members examined how to address a significant residential shortage.

The average price of an existing home sold in Bloomington-Normal this year is $274,895. That's up 44% since 2020.

McLean County's housing shortage has been ongoing for years. By end of June, City Manager Jeff Jurgens said Bloomington hopes to have a “concrete plan” that “the council can act on.”

Home sales fell nearly 20% in Bloomington-Normal last year, according to new data from the Mid-Illinois Realtors Association.

The pace of home sales in Bloomington-Normal is down 15.6% so far in 2023. But prices are up, on average, 6.5%.

The Mid-Illinois Realtors Association (MIRA) will host its inaugural Fair Housing Affair from noon to 3 p.m. Sunday at the YWCA McLean County.

The frenzied Bloomington-Normal housing market has cooled off, though a local Realtors group says rapidly rising prices might not level off until the middle of 2023.

The Mid-Illinois Realtors Association said Wednesday home sales are up for the first two months of the year. Sales were up marginally for the McLean, Dewitt, and Livingston County region, but they rose 4% percent for the Bloomington-Normal metro area.

A total of 102 newly built homes sold in Bloomington-Normal last year. That's $34 million in new property value created in the community to meet demand, according to figures from the Mid-Illinois Association of Realtors. And it's more than twice the amount of new home construction in 2020. Early signs are this year will be even better.

The Mid-Illinois Realtors Association is urging Bloomington and Normal municipal governments to use pandemic relief money to encourage home ownership.