Anyone looking at homes for sale in Bloomington, Utah should understand that the real estate market can have some fluctuations. Whether you are looking at houses of sale in Bloomington, or want to sell your property, it is crucial to stay prepared and learn as much as you can to ensure that you get the maximum amount of profit from your transaction and deals.
Down below, we will elaborate on some statistics related to the Southern Utah real estate market. This should help you get some insight into the real estate market here locally, and getting you prepared for your journey of shopping homes for sale in Bloomington, Utah.
Houses for sale in Bloomington
Today, the number of buyers on the market looking for houses for sale in Bloomington is growing, yet, it is still crucial to note that this market has had its fair share of highs and lows. According to reports, the national housing crisis of 2005 had a serious impact on the Southern Utah real estate market, which caused the number of closed transactions of homes for sale in Bloomington, Utah to go down to an alarming degree, despite the average home sales price being $274K.
Moreover, it was also reported that the home sales fell an average of 18% annually for 3 consecutive years. This might look like all gloom, but the Bloomington, Utah real estate industry quickly rebounded and got back on its feet in no time.
Land for Sale in Bloomington, Utah
The search results you see for "land for sale in Bloomington, Utah" above has a price cap of $1M. If you would like to see more results that are not limited to $1M, go back to the top of this page and click the "Lots/Land" tab of the search widget. There you can add more specific criteria.
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Bloomington real estate: During a pandemic
During the recent pandemic, as with all industries and businesses around the world, the Bloomington real estate market faced some trouble attracting buyers and sellers, although it was very short-lived. People all over the world were holed up inside their homes under lockdown, but viewing and purchasing homes for sale in Bloomington, Utah was a consistent and continual activity, thanks to the current rate of interest buyers can get with home loans.
Since the end of March, 2020, the average listing price for homes for sale in Bloomington has increased from $370K to over $420K, depending on the particular subdivision or community. Currently, as you may notice for yourself, the inventory of houses for sale in Bloomington, Utah has decreased to a large degree. Simply put, the supply of property currently for sale on the market in Bloomington would be sold out within two weeks, if no other new property listings came up for sale.
Rise of the Bloomington, Utah market
Anyone currently looking at homes for sale in Bloomington is the bearer of good timing. While the rest of the world faced a lot of trouble getting back on the horse, the Bloomington, Utah market is moving forward faster then ever. While it is true that this time last year, the number of new listings was down drastically, and there was a shrinkage in the available inventory, this was soon tackled.
For those on the market for houses for sale in Bloomington, the statistics from March of 2021 showed great promise. Many new buildings and subdivisions came available; and great locations for property in the Bloomington market became the center of attraction for various potential buyers. As a result of this heightened the demand for new construction and new homes for sale in Bloomington, Utah.
Now, the average sale price for single-family houses for sale in Bloomington went up as high as $525K. This number showed that one year after the pandemic economic crisis, Bloomington, Utah real estate was in high demand, and took a huge leap forward. An estimated 41.88% increase was noted in the average sales price of homes for sale in Bloomington.
Future of the Bloomington market
Both buyers and sellers seem to be profiting from these equations. Buyers looking for homes for sale in Bloomington, Utah must be aware that Bloomington real estate is in very high demand, thus making the acquisition of a home located in Bloomington a highly beneficial investment.
All in all, making investments into any of the current homes for sale in Bloomington, Utah is a decision that requires dedication and research. The market is showing signs of booming, being a good indicator for both potential buyers and sellers.