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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Galena is a seller's market

Buyer's
Market

Difference Since November 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, IL

How much do homes in Galena, IL cost?

Median Sold Price

$295,000

$159/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$52,500(+21.6%)

Key Takeaway

Homes in Galena have sold for 21.6% more than they did a year ago.

Summary: The median home sold price in Galena was $295,000 in November 2024, up 21.6% from last year, and the median price per square foot was $159.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $447.5K-
N/A
2 $208.8K$239K
+14.5%
3 $297.5K$297.5K
0.0%
4 $575K$339K
-41.0%
5+ $572.5K$700K
+22.3%

Summary: Galena housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.5%, 3 bedroom homes did not change, 4 bedroom homes decreased by 41%, and 5+ bedroom homes increased by 22.3%.

Median Sold Price Compared To Nearby Cities

Galena
+21.6%
East Galena Township
+13.0%

Housing Supply in Galena, IL

How many homes are available in Galena, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2220-9.1%

Summary: The Galena real estate market had 20 homes for sale in November 2024, a 9.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 31
-66.7%
3 910
+11.1%
4 55
0.0%
5+ 43
-25.0%

Summary: The Galena housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 66.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
35+66.7%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was 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. 80% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Galena in November 2024, up by 66.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% 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

Nov 2023Nov 2024CHANGE
28 Days14 Days-48.2%

Summary: Homes in Galena had an average of 14 days on market in Nov 2024, down by 48.2% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were 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 November 2024, 5 homes were sold in Galena; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% 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 23 Days Ago

Newest Listings in Galena, IL

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