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
The real estate market in Bloomington, Ontario is currently experiencing steady growth. The median house price in the area stands at $500,000, reflecting a year-over-year increase of 3.5%. This growth rate indicates a healthy demand for single-family homes, despite potential economic uncertainties. On the other hand, the median apartment price is somewhat lower at $300,000, with a slower year-over-year growth trend of 2.1%.
The population of Bloomington has grown to 15,000 residents, marking a substantial growth rate of 7.1%. This influx suggests that the demand for housing may continue to rise as new residents seek accommodation within the city. The data indicates that both the house and apartment markets are expanding, albeit at different rates, signaling diverse opportunities for investors and homeowners alike.
Investment Opportunities and Potential
Investors considering the Bloomington real estate market have several factors to evaluate. The consistent upward trend in house prices coupled with significant population growth presents an opportunity for long-term capital appreciation on residential properties. The lower median price and slower growth rate of apartments might appeal to investors looking for more affordable entry points into the rental market or those prioritizing yield over capital gains.
Demand for rental properties is likely to be bolstered by the increasing population, which could lead to higher occupancy rates and potential rental income increases. Investors should also consider future infrastructure developments and community investments that could positively impact property values in specific neighborhoods or sectors within Bloomington.
Future Market Outlook
The future market outlook for Bloomington’s real estate sector appears optimistic based on current trends and demographic shifts. Assuming continued economic stability, the steady increase in property values is expected to persist as population growth drives demand for housing.
The town’s commitment to fostering a welcoming community for new residents suggests that initiatives may be underway to further enhance local amenities and infrastructure. Such improvements can contribute to increased property desirability and value over time.
In conclusion, while individual investment goals will dictate strategy, Bloomington’s real estate market offers promising opportunities for both residential homebuyers and investors seeking growth or income. Monitoring economic indicators and staying informed on local developments will be key to making astute decisions in this evolving market.
