COVID-19 and stay-at-home order have not affected home sales in Bloomington, according to the Bloomington Normal Association of Realtors. Through May, 949 homes had been sold in 2020, an increase of 3.9 percent over 2019. Resold homes made up 934 of the sales and 15 newly-constructed units accounted for the remainder. In 2019, there had been 14 newly-constructed homes sold through May and 913 sales of previously-owned houses. This among other reasons are why people are buying in Bloomington.
According to WalletInvestor.com, Bloomington, IN in 2020 is a hot market for resale or “flip” properties. “The median price of an average house in Bloomington was 224751 USD on 2020-11-01. Based on our forecasts, a long-term increase is expected, the predicted price of an average home in the “Bloomington” area is 282473 USD by 2025-11-30. For a 5-year investment the profit is expected to be around +25.68% meaning that investing 100000 USD today may yield a profit of 125680 USD by 2025.” Pricing trends are expected to increase well into the fall of 2021.
Competition Attracts Buyers
Buyers tend to go where there’s activity. Redfin.com reports the Bloomington housing market is most competitive. The average sale price of a home in Bloomington was $300K last month, up 11.0% since last year. The average sale price per square foot in Bloomington is $168, up 8.0% since last year. Most homes get multiple offers, often with waived contingencies. Homes sell for about 2% above list price and go pending in around 15 days. Also, “Hot Homes” can sell for about 5% above list price and go pending in around 6 days.
Bloomington prides itself on its diverse demographics, which lends itself to a more successful economy. Journalist Samantha Allen relates “Bloomington has co-ops, independent coffee shops, and a queer-friendly vibe. But it also has the feel of a quintessential Midwestern small town, with a courthouse square surrounded by boutiques, bars, and restaurants. Indiana University is the major employer, but entrepreneurial and business opportunities abound, which is why the town ranks so highly on Forbes’ list of ‘Best Small Places for Business and Careers.’ When it comes to nightlife, you can catch the many comedians and musicians who stop here on their college-town tours.”
RE/MAX Realty Professionals—The Results Team—is ready to help you buy or sell your home! Visit www.calltheresultsteam.com. Or call Lesa Miller at 812-360-3863 and Jenivee Schoenheit at 317-258-0995.