By HOI ABC
BLOOMINGTON – Bloomington-Normal’s housing market is booming, as plants like Rivian and Ferrero have sparked an influx of people to the Twin Cities from around Central Illinois.
“Line workers were buying in one price range, higher ups were buying the more expensive stuff,” Real Estate Broker from Coldwell Banker Real Estate Greg Zavitz said.
“I noticed the inventory of higher price stuff was gone. Lower priced stuff is gone. And the rentals disappeared. They rented everything they could,” he added.
Zavitz said he has worked in real estate in the Twin Cities for over 30 years and said he never thought houses would sell so fast.
He said buying is up eight percent for existing home sales and renting is close behind.
Mostly middle aged, single people snatching up homes in as fast as one day.
“I usually carry 15, 20, 25 listings at a time, during certain times of the year,” Zavitz said.
“Most of this year, I had like two or three, because I’d list something and it sells,” he added.
Right now, the average price for a two bedroom, two bath home ranges from $100,000 to $150,000 in the McLean County area.
Zavitz said renting prices have gone up from $1,200 to $2,000 a month.
Patrick Hoban, CEO of Bloomington-Normal’s Economic Development Council said people are still interested in because the prices are lower compared to other cities like Chicago.
“A lot of the wages that are being paid right now in these positions such as Ferrero’s expansion and Rivian are higher paying wages,” Hoban said.
“People that are coming in from the outside are not used to the lower cost of living,” Hoban added.
Zavitz said those buying homes with cash get homes fast, even skipping home appraisals.
He said others are left struggling to get a home and have to make longer commutes from other parts of Central Illinois.
For those struggling to find a home in Bloomington-Normal, Zavitz recommends finding a reliable realtor, setting a budget and keeping a lookout for any new listings.
“You need to see it that day or the next day or that weekend the very least,” Zavits said.
“If you wait a week, it’s probably gonna be sold,” he said.
