Is Galena, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Galena has remained a Seller'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, MD
How much do homes in Galena, MD cost?
Median Sold Price
$365,000
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Galena have sold for 20.7% more than they did a year ago.
Summary: The median home sold price in Galena was $365,000 in May 2024, up 20.7% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $365K | N/A |
| 3 Bedrooms | $300K | $344K | +14.7% |
| 4 Bedrooms | $326K | $450K | +38.0% |
| 5+ Bedrooms | - | $1.7M | N/A |
Summary: Galena 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 did not change, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 38%, and 5+ bedroom homes did not change.
Housing Supply in Galena, MD
How many homes are available in Galena, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 11 | +22.2% |
Summary: The Galena real estate market had 11 homes for sale in May 2024, a 22.2% 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 2 | 5 | +150.0% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Galena 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 increased by 150%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
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 2 homes were sold or pending in Galena in May 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Galena, MD
How long does it take to sell a home in Galena, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 4 Days | 215 Days | +5287.5% |
Summary: Homes in Galena had an average of 215 days on market in May 2024, up by 5287.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Galena are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Galena; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
