Bloomington, MN Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Bloomington, MN Housing Market Trends

With 89,987 people, 35,494 houses or apartments, and a median cost of homes of $342,645, 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 56.73% of the city's housing units. Other types of housing that are prevalent in Bloomington include large apartment complexes or high rise apartments ( 31.83%), row houses and other attached homes ( 8.41%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.63%).

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 66.44% of Bloomington's homes, and 50.46% 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 48.09% of the city's housing hails from this era. Other housing ages represented in Bloomington include homes built between 1970-1999 ( 41.73%) and housing constructed between 2000 and later ( 7.52%). There's also some housing in Bloomington built before 1939 ( 2.66%).

Bloomington Home Appreciation Rates

Appreciation rates for homes in Bloomington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 68.09%, which ranks in the top 30% nationwide. This equates to an annual average Bloomington house appreciation rate of 5.33%.

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 11.62%, 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 5.42%, which equates to an annual appreciation rate of 23.51%.

Relative to Minnesota, our data show that Bloomington's latest annual appreciation rate is lower than 60% 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.

Average Home Values

 

Median Home Value:
$342,645

Bloomington, MN HOME PRICES

> $1,301,000
0.3%
0.3%
$975,001 - $1,301,000
0.8%
0.8%
$650,001 - $975,000
3.5%
3.5%
$520,001 - $650,000
6.3%
6.3%
$390,001 - $520,000
18.7%
18.7%
$260,001 - $390,000
42.8%
42.8%
$130,001 - $260,000
23.0%
23.0%
$65,001 - $130,000
2.7%
2.7%
$0 - $65,000
1.9%
1.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MN

Value Relative To Nation

Number Of Homes And Apartments:
35,494

Bloomington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
84.43% 2.85%
6
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,756 / per month

Homeownership Rate

Owners
66.4%
66.4%
Renters
33.6%
33.6%
Vacant
4.0%
4.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.5%
7.5%
1970 - 1999
41.7%
41.7%
1940 - 1969
48.1%
48.1%
1939 or Older
2.7%
2.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.7%
56.7%
Townhomes
8.4%
8.4%
Small Apt. Buildings
2.6%
2.6%
Apt. Complexes
31.8%
31.8%
Mobile Homes
0.3%
0.3%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
15.8%
15.8%
2 Bedrooms
26.1%
26.1%
3 Bedrooms
29.5%
29.5%
4 Bedrooms
21.0%
21.0%
5 or more bedrooms
5.5%
5.5%
0.0% 100.0%
% OF HOMES