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Realtors and economic developers tell Bloomington council home inventory is critically low; jobs growth outpaces local housing
Summary
Presenters from the Mid Illinois Realtors Association and regional economic development shared data showing a constrained housing inventory, rising prices, and a mismatch between job growth and locally based workers that they say is costing the local economy.
Tracy Pat Kunis, president of the Mid Illinois Realtors Association, and a regional economic development presenter identified in the meeting as Patrick told the City of Bloomington Committee of the Whole on Tuesday evening that the local housing market is in a supply shortage while employment gains are increasingly captured by surrounding communities.
Pat Kunis said the year ending October 2024 showed only a 0.5% increase in housing units for Bloomington-Normal — “7 total homes” more than the prior year — and that active listings across Bloomington-Normal were down to 99 homes at her brokerage’s sales meeting. She said there were no new-construction listings under $250,000 and that existing inventory overwhelmingly sits above the price points most local buyers seek: “We are in an inventory shortage,” she said.
Patrick, who identified his use of public data (including the U.S. Census OnTheMap tool) and local labor and commuting datasets, told…
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