Is Galena, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Galena is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Galena has remained a Seller's Market.

Key Takeaway

Galena is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Galena, IL

How much do homes in Galena, IL cost?

Median Sold Price

$285,500

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$55,500(+24.1%)

Key Takeaway

Homes in Galena have sold for 24.1% more than they did a year ago.

Summary: The median home sold price in Galena was $285,500 in May 2024, up 24.1% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $200K$447.5K
+123.8%
2 $198.5K$214.5K
+8.1%
3 $297.5K$385K
+29.4%
4 -$501.5K
N/A
5+ $750K$547.5K
-27.0%

Summary: Galena housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 123.8%, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 29.4%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 27%.

Housing Supply in Galena, IL

How many homes are available in Galena, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1619+18.8%

Summary: The Galena real estate market had 19 homes for sale in May 2024, a 18.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 01
+100.0%
2 33
0.0%
3 78
+14.3%
4 34
+33.3%
5+ 33
0.0%

Summary: The Galena housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
24+100.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Galena, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Galena in May 2024, up by 100.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.

Days on Market for Galena, IL

How long does it take to sell a home in Galena, IL?

Average Sale Time

May 2023May 2024CHANGE
28 Days47 Days+66.7%

Summary: Homes in Galena had an average of 47 days on market in May 2024, up by 66.7% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Galena are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 4 homes were sold in Galena; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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