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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 2,049, 776 total housing units (homes and apartments), and a median house value of $332,868, Galesburg real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Galesburg, accounting for 43.86% of the city's housing units. Other types of housing that are prevalent in Galesburg include mobile homes or trailers ( 29.63%), duplexes, homes converted to apartments or other small apartment buildings ( 16.81%), and a few large apartment complexes or high rise apartments ( 9.38%).
The most prevalent building size and type in Galesburg are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.83% owning and 43.17% renting.
There is a lot of housing in Galesburg built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Galesburg built before 1939 ( 31.25%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.55%). There's also some housing in Galesburg built between 2000 and later ( 7.22%).
Vacant housing appears to be an issue in Galesburg. Fully 16.38% of the housing stock is classified as vacant. Left unchecked, vacant Galesburg homes and apartments can be a drag on the real estate market, holding Galesburg 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.
Appreciation rates for homes in Galesburg have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 104.68%, which ranks in the top 40% nationwide. This equates to an annual average Galesburg house appreciation rate of 7.43%.
Appreciation rates are so strong in Galesburg that despite a nationwide downturn in the housing market, Galesburg real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Galesburg appreciation rates continue to be some of the highest in America, at 12.96%, which is higher than appreciation rates in 79.03% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Galesburg. Galesburg appreciation rates in the latest quarter were at 4.62%, which equates to an annual appreciation rate of 19.81%.
Importantly, this makes Galesburg one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that Galesburg's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.
$332,868
for Michigan
for nation
776
$1,085 / per month