Bloomington, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Bloomington, Ontario, the real estate market is currently experiencing steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes, likely driven by both local factors and broader provincial trends.
On the other hand, apartments are seeing a slightly more modest growth rate, with the median price at $300,000 and an annual appreciation of 2.1%. This indicates that while there is interest in multifamily units, it is somewhat less vigorous than that for houses.
The local population has recently grown by 7.1%, reaching 15,000 residents. This rapid population increase may be contributing to the demand for housing and can be expected to continue influencing market conditions as more people move to the area.
Investment Opportunities and Potential
Given the steady rise in property values and significant population growth, Bloomington presents several attractive investment opportunities. The consistent appreciation in house prices suggests that single-family homes might offer solid returns in terms of capital gains. Investors could potentially benefit from purchasing properties to rent out, as the growing population may lead to increased rental demand.
Apartments present a different opportunity with their slower growth rate. Investors looking for long-term holdings might find apartments to be a stable investment choice with potential for gradual appreciation. Additionally, as new residents look for affordable housing options, investing in apartment complexes could meet this need while providing cash flow through rental income.
Future Market Outlook
The future outlook for Bloomington’s real estate market appears optimistic. Assuming the population continues to grow at its current pace or even accelerates due to external factors such as increased migration or regional economic development, demand for housing is likely to remain strong or increase further.
The ongoing rise in house prices indicates a robust market that could continue to attract investment and support further development projects. However, it will be important for investors and policymakers alike to monitor affordability concerns that may arise from continuous price increases.
In summary, if current trends persist, investors can reasonably expect continued growth in property values across Bloomington’s housing market. Careful consideration of future economic conditions and infrastructure developments will be critical in maintaining sustainable growth and maximizing investment potential.
