Bloomington Normal faces housing crisis with only 99 homes available under 250000

During a recent Committee of the Whole meeting, Bloomington City Council members discussed the current state of the housing market, highlighting significant challenges related to affordable housing in the community.

The meeting revealed that there are currently only 99 homes available for sale in Bloomington, with none priced under $250,000. The majority of existing homes fall within the $300,000 to $500,000 range, making them inaccessible for many residents seeking affordable options. Specifically, among the 64 active existing homes, only three are listed under $100,000, while 17 homes are priced between $100,000 and $200,000, and another 17 between $200,000 and $300,000. The report indicated that there are 18 homes priced over $400,000, further illustrating the scarcity of affordable housing.

The council noted that homes priced between $100,000 and $300,000 are the most sought after, with less than one month of inventory available in these categories. This low supply indicates a competitive market, as evidenced by nearly 1,100 property showings in the past month, suggesting a strong demand from buyers.

In a healthy housing market, experts suggest that Bloomington should have between 600 to 800 homes available for sale. However, the current inventory stands at just around 100 homes, raising concerns about the community's ability to meet housing needs.

The discussion underscored the urgent need for strategies to increase affordable housing options in Bloomington, as the current market conditions pose significant challenges for residents looking to buy homes. The council's ongoing focus on this issue reflects a commitment to addressing the housing crisis and ensuring that all community members have access to suitable living conditions.