Galesburg, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Galesburg, 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

Galesburg Housing Market Information

With a population of 31,273, 12,985 total housing units (homes and apartments), and a median house value of $72,934, 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 67.88% of the city's housing units. Other types of housing that are prevalent in Galesburg include large apartment complexes or high rise apartments ( 18.12%), duplexes, homes converted to apartments or other small apartment buildings ( 7.96%), and a few mobile homes or trailers ( 4.05%).

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 ( 37.88%), 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 ( 36.49%), followed by between 1970-1999 ( 21.72%). There's also some housing in Galesburg built between 2000 and later ( 3.91%).

Galesburg Home Appreciation Rates

Real estate appreciation rates in Galesburg's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.14% during the period.

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 0.20%, 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 0.00%, which equates to an annual appreciation rate of 0.00%.

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:
$72,934

Galesburg, IL HOME PRICES

Value Range
> $1,005,000 0.0
$754,001 - $1,005,000 0.4
$502,001 - $754,000 0.2
$402,001 - $502,000 0.5
$302,001 - $402,000 0.6
$201,001 - $302,000 4.6
$100,001 - $201,000 19.7
$50,001 - $100,000 47.3
$0 - $50,000 26.7

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
94.0114848236259 93.6708860759494

Number Of Homes And Apartments:
12,985

Galesburg 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
8.33% 0.46% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$747 / per month

Homeownership Rate

Homeownership
Owners 50.79
Renters 49.21
Vacant 9.41

Housing Market Details

 

Age of Homes

AGE OF Galesburg HOMES
2000 or Newer 3.9
1970 - 1999 21.7
1940 - 1969 36.5
1939 or Older 37.9

Types of Homes

TYPE OF Galesburg HOMES
Single-Family 67.9
Townhomes 2.0
Small Apt. Buildings 8.0
Apt. Complexes 18.1
Mobile Homes 4.0
Other 0.0

Home Size

SIZE OF Galesburg HOMES
No Bedroom 3.35
1 Bedroom 13.96
2 Bedrooms 34.37
3 Bedrooms 35.22
4 Bedrooms 10.38
5 or more bedrooms 2.71