Bloomington’s housing market is experiencing notable changes, with rising home values, new developments, and initiatives aimed at increasing affordable homeownership opportunities.
Current Market Trends
As of March 2026, the median sale price for homes in Bloomington reached $375,000, marking a 5.6% increase from the previous year. Homes are selling after an average of 22 days on the market, indicating strong demand. The median sale price per square foot stands at $202, reflecting a 0.5% year-over-year increase.
New Developments
Several new housing projects are underway to meet the growing demand. The Rosalyn, a 128-unit senior apartment community at American Boulevard West and Lyndale Avenue South, is nearing completion. This development includes units at various affordability levels and ground-level retail spaces. Additionally, Ever Apartments, located at 6701 W. 78th St., is set to offer 208 new units, including 19 affordable units, with plans for an 11,000-square-foot daycare facility in the future.
Affordable Homeownership Initiatives
To address affordability challenges, the Bloomington Affordable Homeownership program has been launched. With funding from the Minnesota Housing Finance Agency, this initiative aims to create 27 new single-family homes on infill lots throughout the city. The program focuses on providing homeownership opportunities for households earning at or below 80% of the Area Median Income (AMI). Construction is expected to take place over a three-year period, with the first homes anticipated to be available for purchase by eligible households as early as 2025.
These developments and initiatives reflect Bloomington’s commitment to expanding housing options and ensuring accessibility for a diverse range of residents.