Bloomington’s real estate market is experiencing notable changes, with rising home values, new developments, and initiatives aimed at increasing affordable housing options.
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. Source
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. Source
Additionally, Ever Apartments, located at 6701 W. 78th St., is nearing completion with 208 new units, including 19 affordable units and a pad for an approved 11,000-square-foot freestanding daycare to be constructed in the future. Source
Affordable Housing Initiatives
To address the need for affordable homeownership, 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 targets households earning at or below 80% of the Area Median Income, with construction expected to span over three years starting in 2024. Source
These developments and initiatives reflect Bloomington’s commitment to accommodating its growing population and providing diverse housing options for its residents.