Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 87,797, 37,653 total housing units (homes and apartments), and a median house value of $395,144, Bloomington real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Bloomington, accounting for 55.23% of the city's housing units. Other types of housing that are prevalent in Bloomington include large apartment complexes or high rise apartments ( 32.71%), row houses and other attached homes ( 8.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.31%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Bloomington. Owner-occupied housing accounts for 66.04% of Bloomington's homes, and 49.94% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Bloomington's housing was primarily built during this period, from the '40s through the '60s. A full 45.42% of the city's housing hails from this era. Other housing ages represented in Bloomington include homes built between 1970-1999 ( 42.40%) and housing constructed between 2000 and later ( 8.70%). There's also some housing in Bloomington built before 1939 ( 3.48%).
Bloomington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Bloomington during the period has been just 5.49%, which is lower than 70% of US communities.
Over the last year, Bloomington appreciation rates have trailed the rest of the nation. In the last twelve months, Bloomington's appreciation rate has been 1.22%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Bloomington were at 2.27%, which equates to an annual appreciation rate of 9.37%.
Relative to Minnesota, our data show that Bloomington's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Bloomington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Bloomington real estate investment or home purchase decisions.
$395,144
for Minnesota
for nation
37,653
$2,121 / per month