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 Last Month

Last month, Galena was a Buyer'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

$260,000

$158/sqft

Based on all homes sold in February 2024.

Difference Since Last Month

-$23,000(-8.1%)

Key Takeaway

Homes in Galena have sold for 8.1% less than they did a month ago.

Summary: The median home sold price in Galena was $260,000 in February 2024, down 8.1% from last month, and the median price per square foot was $158.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 --
N/A
2 -$175K
N/A
3 $283K$440K
+55.5%
4 --
N/A
5+ --
N/A

Summary: Galena housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 55.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Galena
-8.1%
West Galena Township
-38.2%

Housing Supply in Galena, IL

How many homes are available in Galena, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1012+20.0%

Summary: The Galena real estate market had 12 homes for sale in February 2024, a 20.0% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 47
+75.0%
3 32
-33.3%
4 11
0.0%
5+ 22
0.0%

Summary: The Galena housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 75%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was 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. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Galena in February 2024, up by 300.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% 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

Jan 2024Feb 2024CHANGE
121 Days50 Days-58.7%

Summary: Homes in Galena had an average of 50 days on market in Feb 2024, down by 58.7% compared to last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Galena has remained consistent over time.

Summary: During February 2024, 4 homes were sold in Galena; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% 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 27 Days Ago

Newest Listings in Galena, IL

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