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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Galesburg is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Galesburg, IL

How much do homes in Galesburg, IL cost?

Median Sold Price

$100,000

$74/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$10,000(+11.1%)

Key Takeaway

Homes in Galesburg have sold for 11.1% more than they did a year ago.

Summary: The median home sold price in Galesburg was $100,000 in March 2024, up 11.1% from last year, and the median price per square foot was $74.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $42.5K$34K
-20.0%
2 $70.5K$73.4K
+4.3%
3 $102.5K$107.5K
+4.9%
4 $128K$142K
+10.9%
5+ $115.5K$162K
+40.3%

Summary: Galesburg housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 10.9%, and 5+ bedroom homes increased by 40.3%.

Median Sold Price Compared To Nearby Cities

Galesburg
+11.1%
Galesburg City Township
+7.2%

Housing Supply in Galesburg, IL

How many homes are available in Galesburg, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
8280-2.4%

Summary: The Galesburg real estate market had 80 homes for sale in March 2024, a 2.4% decrease compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 34
+33.3%
2 1927
+42.1%
3 4236
-14.3%
4 1612
-25.0%
5+ 21
-50.0%

Summary: The Galesburg housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 42.1%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1827+50.0%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Galesburg, you may be able to get a good deal. 81.5% of homes here sold below asking price last month.

Summary: A total of 27 homes were sold or pending in Galesburg in March 2024, up by 50.0% month-over-month. Of the 27 sold homes, 81% were sold under asking, 15% were sold at asking, and 4% were sold over asking.

Days on Market for Galesburg, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
44 Days45 Days+2.3%

Summary: Homes in Galesburg had an average of 45 days on market in Mar 2024, up by 2.3% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 27 homes were sold in Galesburg; 59% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 19% 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 28 Days Ago

Newest Listings in Galesburg, IL

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