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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Galena is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Galena was a Seller's Market.

Key Takeaway

Galena is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Galena, IL

How much do homes in Galena, IL cost?

Median Sold Price

$298,000

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$63,000(+26.8%)

Key Takeaway

Homes in Galena have sold for 26.8% more than they did a year ago.

Summary: The median home sold price in Galena was $298,000 in October 2024, up 26.8% from last year, and the median price per square foot was $172.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $447.5K-
N/A
2 $206.9K$229.5K
+10.9%
3 $297.5K$310K
+4.2%
4 $412K$482.8K
+17.2%
5+ $572.5K$700K
+22.3%

Summary: Galena housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 17.2%, and 5+ bedroom homes increased by 22.3%.

Housing Supply in Galena, IL

How many homes are available in Galena, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2223+4.5%

Summary: The Galena real estate market had 23 homes for sale in October 2024, a 4.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 53
-40.0%
3 69
+50.0%
4 56
+20.0%
5+ 54
-20.0%

Summary: The Galena housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
93-66.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Galena, 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 Galena in October 2024, down by 66.7% 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 Galena, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
35 Days49 Days+40.0%

Summary: Homes in Galena had an average of 49 days on market in Oct 2024, up by 40% 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

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 3 homes were sold in Galena; 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Galena, IL

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