Home Values in Bloomington, Illinois — 2026 Market Report
Updated March 2026 | Balanced Market | +1.1% YoY
The median home value in Bloomington, Illinois is $195,000 as of March 2026, which is below the national median of $400,000. Home values in Bloomington have increased by 1.1% over the past year and 5.6% over the last five years. With a population of 77,104 and a median household income of $62,250, the price-to-income ratio stands at 3.1x, making Bloomington affordable for the average household.
Bloomington Housing Market Conditions
| Metric | Bloomington | National Avg |
|---|---|---|
| Median Home Value | $195,000 | $400,000 |
| YoY Appreciation | +1.1% | +3.8% |
| 5-Year Appreciation | +5.6% | +22.4% |
| Price per Sq Ft | $67 | $222 |
| Days on Market | 48 days | 45 days |
| Months of Supply | 3.1 | 3.5 |
| List-to-Sale Ratio | 99.3% | 98.5% |
| Monthly Homes Sold | 62 | — |
| Foreclosure Rate | 0.38% | 0.3% |
Home Value Trends in Bloomington
A homeowner who purchased at the median price of $184,659 five years ago in Bloomington would have gained approximately $10,341 in equity, representing a 5.6% return on investment. Over the past year alone, the typical homeowner gained $2,122 in home equity.
Affordability in Bloomington, IL
With a median household income of $62,250 and a median home price of $195,000, the price-to-income ratio in Bloomington is 3.1x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $991 compared to estimated monthly ownership costs of $1,262 gives a rent-vs-buy ratio of 1.27. In Bloomington, renting may be more cost-effective in the short term, though homeownership builds long-term wealth.
Property Taxes in Bloomington
The effective property tax rate in Illinois is 2.07%. On a home valued at $195,000, the estimated annual property tax bill is $4,036, or approximately $336/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Bloomington is 89.5 (100 = national average), indicating living costs are below the national average.
Calculate Your Mortgage Payment in Bloomington
Use our free calculator to estimate monthly payments for a $195,000 home
Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Bloomington, IL?
The median home value in Bloomington, Illinois is $195,000 as of March 2026. Home values have changed +1.1% over the past year, with a 5-year appreciation of 5.6%.
Is Bloomington a buyer's or seller's market?
Bloomington is currently a balanced market with 3.1 months of housing supply. Homes spend an average of 48 days on market, and the list-to-sale price ratio is 99.3%. Supply and demand are relatively balanced.
Are home values going up in Bloomington?
Yes, home values in Bloomington have increased by 1.1% over the past year. The 5-year appreciation rate is 5.6%, meaning a home worth $184,659 five years ago is now worth $195,000.
Is it better to rent or buy in Bloomington?
The average monthly rent in Bloomington is $991, while estimated monthly homeownership costs are approximately $1,262. The price-to-rent ratio is 16.4. Current conditions suggest renting may be more affordable in the short term, though homeownership builds equity over time.
Home Values in Other Illinois Cities
Related Resources
Disclaimer: Home value data for Bloomington, Illinois is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.