Navigating the Bloomington housing market can be difficult because of how competitive the prices are. Homes in Minnesota are always in high demand. There are four cities in Minnesota where the average housing price is over $1 million. Luckily, Bloomington is not one of those cities.
Finding an affordable Bloomington home, however, can still seem daunting, especially if you’re on a budget. We’ve done extensive research to help you find your dream home at an affordable price.
Here is everything homebuyers seeking a Bloomington home need to know about the real estate market there.
Average Home Price in Bloomington
According to Zillow, the average sale price for a house in Bloomington is $362,737. The COVID-19 pandemic, since it affected all United States cities, could explain the 8.6% increase in sales price.
There are currently more people looking for homes in Bloomington than there are homes available, impacting the prices of Bloomington homes by making them more expensive with a higher sale-to-list price ratio.
High and Low Home Prices in Bloomington
Real estate agents in Hennepin County are busy, as houses in Hennepin County are in high demand. The demand is so high that Bloomington was listed as a seller’s market.
The most common prediction for the 2022 real estate market is there will still be an inventory shortage, but prices won’t rapidly surge the way they did in 2021. The issue of inventory being short is expected to start improving by summer as more listings will be available then. An increase in properties may not be enough to meet the demand for housing and solve the issue altogether.
Here are the prices you can expect for the most expensive and affordable houses available on the market to help you get an idea of the price range in Bloomington.
Realtors list the most expensive townhouses currently for around $649,000. These townhouses have an estimated final sale price of $703,200, making the sale-list price ratio 108% — 4% more than average for a home in Bloomington, MN.
The median cost for one square foot of a house in the U.S. is $123, but this townhouse costs $204 per sqft, making it $81 more expensive than average.
If you’re buying based on affordability, then the least expensive townhouses will cost you around 230,000. The final sale price for these homes will be around $233,400. That gives them a sale-to-list ratio of 101%. The cost per square foot is $182, making them $42 more expensive than average.
The most expensive condos in Bloomington currently cost around 400,000 per listing. These condos have an estimated final sale price of $400,500, which means they have a sale-to-list price ratio of 100.1, making it 3% lower than average.
On the cheaper end, the least expensive condos are listed at $119,000 for 708 sqft. Real estate agents will sell these homes for an estimated price of $132,800, which means that the properties have a sale-list ratio of 111%. The cost per square foot for this home is $168, making it $45 more expensive than normal.
Single Family Homes
Bloomington’s most expensive single-family homes are listed for around $1,950,000. A single-family home’s average size is 2,491 square feet, but the more expensive options can have more than 7,000 square feet. That means you get 36% more than average, and the houses cost $278 per square foot.
The less expensive single-family houses in Bloomington can sell for $205,527. These homes have around 792 sqft, meaning their cost is $260 on average, and they are 32% smaller than the standard house.
Sale-to-list Price Ratio in Bloomington
The sale-to-list price ratio compares how much a home seller listed their house for versus how much the homebuyer spent on buying it. You find it by dividing the final listed price for the home by the final amount paid for it.
The sale-to-list ratio price can gauge the accessibility and affordability of the homes you’re trying to buy, as realtors consider places with a sale-to-list price ratio over 100% hot. You’re likely to pay above the listed price for your new home in those areas.
The sale-to-list ratio for Bloomington, MN, is 104.17%, which means you can expect to pay a minimum of 4% above the asking price on average. The average sale-to-list ratio in America is 102.7%, so if you’re seeking a home in Minnesota, you’ll pay 1.47% more than average.
Best Areas To Live in Bloomington
Some factors you should consider when selecting a home include its affordability, how close it is to amenities like public schools, and how safe it is because many people prioritize living somewhere convenient, secure, and diverse.
Families especially should think about living in a safe neighborhood for the well-being of their children.
People widely considered Minneapolis one of, if not the best, cities to live in in the United States. It has suburbs that consistently get mentioned on lists of the best locations to raise a family, live a high-quality life, and enjoy a peaceful retirement.
Consider this guide on Minneapolis’ most expensive home sales.
Mill City Home Buyers is a company committed to buying and selling properties in the Minneapolis area. We buy homes in Minneapolis residents want to put back on the market.
Top companies such as Forbes have recommended Minneapolis as a great place to live, and Bloomington is one of its top cities. Bloomington is ideal for you if you want the charm of a small town in the middle of nowhere and the comfort and amenities of a bustling city.
It has a livability score of 70, which is well above the average score of 50.
Bloomington’s demographics are diverse. The city welcomes people of all races, religions, genders, and sexualities. Over 42 million tourists pass through the city annually, and the residents make every one of them feel at home.
Here are the best areas to live in Bloomington
North Corridor Park
Buying a house in North Corridor Park is a bit more expensive than usual. Homes in this area sell for an average of $480,533, placing them in the top 13 most expensive communities in Minnesota and the 26% most expensive cities of all areas of America.
Like the rest of America, North Corridor Park mostly has single-family homes available. These homes normally have three to four bedrooms. But don’t count North Corridor Park out if you live alone because it also has a large inventory of apartment complexes and high-rise apartments.
East Bloomington South
A house in East Bloomington South will set you back $436,356 on average, making the community real estate market more costly than 79.5% of Minnesota communities and placing East Bloomington South in the top 31 most expensive counties to buy a house in the U.S.
The houses on the market in East Bloomington South are single-family homes. These homes generally have at least three bedrooms. There are also several apartments available. East Bloomington South has several accessible features that make it a great place for retirement.
Buying a house in West Bloomington costs $436,131 on average. That places West Bloomington in the top 25% of most expensive places in Minnesota and 33% in the USA.
You should explore West Bloomington’s housing market if you’re searching for a single-family home with at least three bedrooms or a townhouse.
Average Days in the Housing Market
Realtors report that It usually takes 42 days for a house to sell in Bloomington, MN. After receiving an offer for your home, it typically takes 35 to close the sale.
The time varies based on month, with June being the best month to sell a house in Minnesota and January being the worst. The average time homes take 32 days to sell in June is nine days faster than the usual number of days to sell a house annually.
There is currently a shortage of houses on the market, so available houses are being sold at far quicker rates. A Minnesota Realtors study found the amount of days a house stays on the real estate market before a sale is made is down 11%, but the amount of closed sales is 5,511, which is an 8.4% reduction from last year.
Minnesota’s real estate market is forecasted to remain one of the most lucrative housing markets in the country. It’s a place for investors and home sellers. Minnesota is a fantastic place to live, so home buyers aren’t losing out either.
While hunting for a house in Bloomington can be challenging due to the high demand and low supply, It’s not impossible. Whether you’re searching for a single-family apartment or a condo, you can buy a home within your budget that suits your needs.
If you’re seeking to sell a house, now is a great time as the market is hot and the chances of you getting a good deal on your home are high. Learn how Mill City Home Buyers can help you sell your house now.