Is Galesburg, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Galesburg was a Seller's Market.
Key Takeaway
Galesburg is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Galesburg, MI
How much do homes in Galesburg, MI cost?
Median Sold Price
$271,553
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Galesburg have sold for 3% less than they did a year ago.
Summary: The median home sold price in Galesburg was $271,553 in May 2024, down 3% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $170K | $230K | +35.3% |
| 3 Bedrooms | $280K | $255.2K | -8.8% |
| 4 Bedrooms | $290K | $300K | +3.4% |
| 5+ Bedrooms | $375K | $487.5K | +30.0% |
Summary: Galesburg housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 35.3%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 30%.
Median Sold Price Compared To Nearby Cities
| Comstock Charter Township | $244.6K | $265K | +8.3% |
| Galesburg | $280K | $271.5K | -3.0% |
Housing Supply in Galesburg, MI
How many homes are available in Galesburg, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 19 | +26.7% |
Summary: The Galesburg real estate market had 19 homes for sale in May 2024, a 26.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 5 | 5 | 0.0% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Galesburg housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 3 | -40.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Galesburg, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Galesburg in May 2024, down by 40.0% month-over-month. Of the 3 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 158 Days | 63 Days | -60.3% |
Summary: Homes in Galesburg had an average of 63 days on market in May 2024, down by 60.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Galesburg are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Galesburg; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
