Is Galesburg, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, MI
How much do homes in Galesburg, MI cost?
Median Sold Price
$271,553
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Galesburg have sold for 4.7% less than they did a year ago.
Summary: The median home sold price in Galesburg was $271,553 in April 2024, down 4.7% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $140K | $230K | +64.3% |
| 3 Bedrooms | $321.5K | $255.2K | -20.6% |
| 4 Bedrooms | $284.9K | $315.7K | +10.8% |
| 5+ Bedrooms | $375K | $476.2K | +27.0% |
Summary: Galesburg housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 64.3%, 3 bedroom homes decreased by 20.6%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 27%.
Median Sold Price Compared To Nearby Cities
| Comstock Charter Township | $240K | $263K | +9.6% |
| Charleston Township | $255.2K | $271.2K | +6.3% |
| Galesburg | $284.9K | $271.5K | -4.7% |
Housing Supply in Galesburg, MI
How many homes are available in Galesburg, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 14 | -22.2% |
Summary: The Galesburg real estate market had 14 homes for sale in April 2024, a 22.2% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 8 | 4 | -50.0% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Galesburg housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 50%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 4 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Galesburg, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Galesburg in April 2024, down by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Galesburg, MI
How long does it take to sell a home in Galesburg, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 20 Days | 6 Days | -67.5% |
Summary: Homes in Galesburg had an average of 6 days on market in Apr 2024, down by 67.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Galesburg are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Galesburg; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
