Is Galesburg, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Galesburg has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $42.5K | $34K | -20.0% |
2 Bedrooms | $70.5K | $73.4K | +4.3% |
3 Bedrooms | $102.5K | $107.5K | +4.9% |
4 Bedrooms | $128K | $142K | +10.9% |
5+ Bedrooms | $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 | $90K | $100K | +11.1% |
Galesburg City Township | $90K | $96.5K | +7.2% |
Housing Supply in Galesburg, IL
How many homes are available in Galesburg, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
82 | 80 | -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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 4 | +33.3% |
2 Bedrooms | 19 | 27 | +42.1% |
3 Bedrooms | 42 | 36 | -14.3% |
4 Bedrooms | 16 | 12 | -25.0% |
5+ Bedrooms | 2 | 1 | -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 2024 | Mar 2024 | CHANGE |
---|---|---|
18 | 27 | +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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
44 Days | 45 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
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.