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Frequently Asked Questions
The median cost of a home in the Bloomington-Normal Metropolitan Area, which includes the counties of McLean, DeWitt, Livingston and Woodford, is $155,000. This value adjusts every season, and includes the mid-tier of homes.
Rents can vary widely depending on the proximity to Bloomington and Normal and the type and quality of the unit. The average rent for a one-bedroom apartment is $735, which is an increase of 22 percent over the last 12 months.
People who buy homes are generally wealthier in the long term than those who rent. Buying a home is a long-term investment. While there is no guarantee that your home will appreciate, the Central Illinois market, and the metropolitan Bloomington market, is traditionally strong because of a strong employer base including large companies like State Farm Insurance Company and Rivian, as well as academic institutions including Illinois State University. Owning a home enables you to build equity and take advantage of tax deductions for mortgage interest and property tax.
The sales and rentals markets in Illinois are fast approaching, or in some cases exceeding, pre-pandemic levels. While the market is normalizing in 2023, there is still strong demand for single family homes, condominiums and rentals.
Late summer and early fall are often the best times to buy a home. Sellers can be motivated to sell before the holidays, and there can be less competition with other buyers. However, there is traditionally more inventory available in the spring, but that can mean higher prices because more buyers are in the market.
