The frenzied Bloomington-Normal housing market has cooled off, though a local Realtors group says rapidly rising prices might not level off until the middle of 2023.
The Mid-Illinois Realtors Association said Wednesday home sales are up for the first two months of the year. Sales were up marginally for the McLean, Dewitt, and Livingston County region, but they rose 4% percent for the Bloomington-Normal metro area.
A total of 102 newly built homes sold in Bloomington-Normal last year. That's $34 million in new property value created in the community to meet demand, according to figures from the Mid-Illinois Association of Realtors. And it's more than twice the amount of new home construction in 2020. Early signs are this year will be even better.