Galena, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Galena Neighborhoods Since 2000




Galena, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Galena Housing Market Information

With a population of 3,299, 1,504 total housing units (homes and apartments), and a median house value of $160,370, Galena real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Galena, accounting for 78.04% of the city's housing units. Other types of housing that are prevalent in Galena include duplexes, homes converted to apartments or other small apartment buildings ( 7.48%), large apartment complexes or high rise apartments ( 7.05%), and a few row houses and other attached homes ( 4.50%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Galena. Owner-occupied housing accounts for 72.33% of Galena's homes, and 51.52% have either three or four bedrooms, which is average sized relative to America.

The housing in Galena was primarily built before 1939 ( 58.51%), making the housing stock in Galena some of the oldest overall in America, although there is a range of ages of homes in Galena. The next most important housing age is between 1970-1999 ( 21.96%), followed by between 1940-1969 ( 11.23%). There's also some housing in Galena built between 2000 and later ( 8.30%).

Vacant housing appears to be an issue in Galena. Fully 18.44% of the housing stock is classified as vacant. Left unchecked, vacant Galena homes and apartments can be a drag on the real estate market, holding Galena real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Galena Home Appreciation Rates

Galena's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Galena during the period has been just -1.18%, which is lower than 70% of US communities.

Over the last year, Galena appreciation rates have trailed the rest of the nation. In the last twelve months, Galena's appreciation rate has been -3.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Galena were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Illinois, our data show that Galena's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$160,370

Galena, IL HOME PRICES

Value Range
> $986,000 0.0
$739,001 - $986,000 0.0
$493,001 - $739,000 2.2
$394,001 - $493,000 5.0
$296,001 - $394,000 6.4
$197,001 - $296,000 17.2
$99,001 - $197,000 44.6
$49,001 - $99,000 16.7
$0 - $49,000 7.9

High for IL
Average for Nation

Value Relative to Nation Value Relative to State
45.5291222313372 37.8481012658228

Number Of Homes And Apartments:
1,504

Galena Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
18.21% 0.97% 4 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$848 / per month

Homeownership Rate

Homeownership
Owners 72.33
Renters 27.67
Vacant 18.44

Housing Market Details

 

Age of Homes

AGE OF Galena HOMES
2000 or Newer 8.3
1970 - 1999 22.0
1940 - 1969 11.2
1939 or Older 58.5

Types of Homes

TYPE OF Galena HOMES
Single-Family 78.0
Townhomes 4.5
Small Apt. Buildings 7.5
Apt. Complexes 7.0
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Galena HOMES
No Bedroom 0.00
1 Bedroom 15.56
2 Bedrooms 24.24
3 Bedrooms 34.82
4 Bedrooms 16.70
5 or more bedrooms 8.68

Popular Neighborhoods in Galena

Zip Codes in Galena, IL