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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Galesburg, IL Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Galesburg, IL Housing Market Trends

With a population of 29,255, 12,610 total housing units (homes and apartments), and a median house value of $92,834, house prices in Galesburg are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Galesburg, accounting for 68.87% of the city's housing units. Other types of housing that are prevalent in Galesburg include large apartment complexes or high rise apartments ( 16.76%), duplexes, homes converted to apartments or other small apartment buildings ( 8.87%), and a few mobile homes or trailers ( 4.10%).

People in Galesburg primarily live in small (one, two or no bedroom) single-family detached homes. Galesburg has a mixture of owner-occupied and renter-occupied housing.

The housing in Galesburg was primarily built before 1939 ( 40.61%), making the housing stock in Galesburg some of the oldest overall in America, although there is a range of ages of homes in Galesburg. The next most important housing age is between 1940-1969 ( 31.78%), followed by between 1970-1999 ( 22.83%). There's also some housing in Galesburg built between 2000 and later ( 4.78%).

Vacant housing appears to be an issue in Galesburg. Fully 12.73% 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.

Galesburg Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Galesburg, where house values have increased just 32.55%, which is annualized rate of 2.86%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Galesburg appreciation rates have trailed the rest of the nation. In the last twelve months, Galesburg's appreciation rate has been 4.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Galesburg were at 1.05%, which equates to an annual appreciation rate of 4.25%.

Relative to Illinois, our data show that Galesburg's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Galesburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Galesburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Galesburg real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$92,834

Galesburg, IL Home Prices
> $1,208,000
$906,001 - $1,208,000
$604,001 - $906,000
$483,001 - $604,000
$363,001 - $483,000
$241,001 - $363,000
$121,001 - $241,000
$60,001 - $121,000
$0 - $60,000
0.1%
0.1%
0.3%
0.3%
0.7%
0.7%
0.7%
0.7%
1.9%
1.9%
4.5%
4.5%
28.4%
28.4%
50.4%
50.4%
13.0%
13.0%
0% 100.0%
% of Homes
Very Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

12,610

Galesburg Appreciation Rates

Rent & Ownership

Average Market Rent:

$935 / per month

Homeownership Rate

Owners
Renters
52.0%
52.0%
48.0%
48.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.7%
12.7%
87.3%
87.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.8%
4.8%
22.8%
22.8%
31.8%
31.8%
40.6%
40.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.9%
68.9%
1.4%
1.4%
8.9%
8.9%
16.8%
16.8%
4.1%
4.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.7%
3.7%
15.1%
15.1%
30.8%
30.8%
36.0%
36.0%
12.2%
12.2%
2.3%
2.3%
0% 100.0%
% of Homes