The Twin Cities’ most balanced suburb is living up to its reputation. Bloomington entered 2024 with 1.9 months of inventory—technically a seller’s market, yet noticeably looser than the 1.3-month metro average. Median sale price ticked up 2.8% year-over-year to $320,000, while average days-on-market held steady at 18. New listings in East Bloomington’s 55420 and 55425 ZIP codes rose 12%, giving first-time buyers more breathing room, but West Bloomington’s 55431 and 55437 remain tight with multiple offers on updated rambler-style homes.

Interest rates hovering near 7% have trimmed some bidding wars, yet well-priced listings still see 3–5 offers. The sweet spot: three-bed, two-bath homes built between 1960–1990 under $350k. If you’re pre-approved with NMHL’s Same-Day Underwrite, you can confidently waive the financing contingency—something 38% of successful Bloomington buyers did last quarter.

East Bloomington – Starter-home territory with post-war ramblers averaging $285k. Streets around Roosevelt Park deliver walkability to the Blue Line’s 30th Ave. station and quick hops to Hwy 77 for downtown commutes.

West Bloomington – Leafy enclaves near Bush Lake and the Minnesota River Bluffs. Expect 1970s–1990s two-stories, prices $350k–$450k, and some of the city’s lowest crime stats. Top draw: Normandale Community College campus vibe keeps the area vibrant.

Penn-American – Mid-century brick twins and split-levels, $300k–$350k, with easy access to the American Blvd. office corridor—perfect if you work at HealthPartners or the new 12-story Optum tower.

Oxboro – Redevelopment hot spot along the Orange Line extension. Townhomes start in the mid-$280s, and the upcoming 98th Street station is projected to lift values 8–10% over the next five years.

Bloomington participates in three layers of assistance that can be stacked:

• City of Bloomington First-Time Homebuyer Grant – $5,000 at 0% interest, forgiven after five years. Income limit: $92,900 for a household of two.
• Minnesota Housing Start Up – Up to $17,000 deferred-payment second mortgage at 0%. Can be combined with conventional, FHA, or VA first mortgages.
• Hennepin County Workforce Housing – $10,000 forgivable loan for buyers working in the county; teachers, nurses, and pilots at MSP qualify.

NMHL certifies you for each program before you shop, so your offer letter shows the seller you’re bringing real grant dollars—not just hoping for them at closing.

Hennepin County assesses at 100% of market value; Bloomington’s gross tax rate averages 1.05%, but exact levies vary by school district and watershed. A $320,000 home carries roughly $3,360 in annual taxes, payable in halves May 15 and October 15. Senior citizens may qualify for the state’s Market Value Homestead Credit if household income is under $113,150.

Don’t forget the sewer availability charge—$7.20 per month on your water bill for first-time hookups—and possible MS4 storm-water fees of $4–$11 monthly based on impervious surface. NMHL’s loan estimate includes these so your debt-to-income ratio is accurate up-front.

NMHL Second-Chance FHA – Credit scores to 580, bank statements allowed, and only 3.5% down. Perfect for Mall of America employees rebuilding credit after seasonal layoffs.

NMHL Bank Statement Conventional – 12 or 24 months of business deposits qualify you for up to $650k with 10% down. Popular for Bloomington’s large community of airline pilots, rideshare fleet owners, and craft-brewery entrepreneurs.

NMHL VA Rapid – Zero-down up to $1.5M, 580 credit, and we front the $600 appraisal upgrade fee so veterans can close in under 20 days—critical in Oxford & Lake neighborhoods where multiple offers are common.

NMHL ITIN Mortgage – 20% down, no FICO required, for ITIN holders who’ve lived and worked in Minnesota for two years. We accept consular IDs and accept alternative trade lines like rent, utilities, and cell-phone histories.

In a suburb where homes sell in under three weeks, pre-approval isn’t optional—it’s your passport in the door. Upload your last 30 days of pay stubs and two months of bank statements to our secure portal; most Bloomington applicants receive a Same-Day Underwrite certificate they can attach to offers. If you’re self-employed or use grants, we’ll circle back within six hours with a personalized closing-cost worksheet showing exact cash needed.

When you’re ready to tour rambler-style homes near Hyland Hills or modern townhomes off Killebrew Drive, our local agent partners will schedule showings and flag any inspection red flags common to Bloomington’s 1960s slab foundations. Lock your rate, stack your down-payment assistance, and you could be handing out house-warming invitations at the Minnesota Valley National Wildlife Refuge before the next season change.