Housing inventory plummets as demand surges in Bloomington

A recent government meeting highlighted the ongoing decline in the inventory of homes for sale in Tazewell, DeWitt, and McLean Counties, as reported by the Mid Illinois Realtors Association. The data indicates a downward trend in available housing units, with comparisons drawn to figures from 2008. Over the past year, the number of homes for sale has continued to decrease, particularly in McLean County.

Currently, Bloomington has only 114 homes listed for under $250,000, a price point identified as the \"sweet spot\" for buyers. This low inventory is contributing to challenges in the local housing market. Despite these challenges, the average market time for single-family detached homes has remained stable over the last year.

Additionally, the meeting showcased the city’s website, buildingbloomington.com, which serves as a resource for residents and potential buyers. The site provides information on residential units currently in progress, including 495 multifamily units, 446 single-family homes, and 48 duplexes. It also tracks the number of building permits issued and those applied for, offering transparency on the development pipeline in the area.