Galesburg, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Galesburg, MI 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 2,043 people, 748 houses or apartments, and a median cost of homes of $164,719, Galesburg 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 Galesburg, accounting for 51.52% of the city's housing units. Other types of housing that are prevalent in Galesburg include mobile homes or trailers ( 21.34%), duplexes, homes converted to apartments or other small apartment buildings ( 14.39%), and a few large apartment complexes or high rise apartments ( 11.36%).

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 59.01% owning and 40.99% 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 ( 32.20%). A lesser amount of the housing stock also hails from between 1940-1969 ( 26.39%). There's also some housing in Galesburg built between 2000 and later ( 5.05%).

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 -0.38% 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 1.35%, 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 0.23%, which equates to an annual appreciation rate of 0.92%.

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

Average Home Values

 

Median Home Value:
$164,719

Galesburg, MI HOME PRICES

Value Range
> $1,111,000 1.0
$833,001 - $1,111,000 0.5
$555,001 - $833,000 0.9
$444,001 - $555,000 1.0
$333,001 - $444,000 3.5
$222,001 - $333,000 17.5
$111,001 - $222,000 46.5
$56,001 - $111,000 16.6
$0 - $56,000 12.5

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
43.7536622524317 28.3653846153846

Number Of Homes And Apartments:
748

Galesburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
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
10.19% 0.56% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$729 / per month

Homeownership Rate

Homeownership
Owners 59.01
Renters 40.99
Vacant 5.56

Housing Market Details

 

Age of Homes

AGE OF Galesburg HOMES
2000 or Newer 5.1
1970 - 1999 36.4
1940 - 1969 26.4
1939 or Older 32.2

Types of Homes

TYPE OF Galesburg HOMES
Single-Family 51.5
Townhomes 1.4
Small Apt. Buildings 14.4
Apt. Complexes 11.4
Mobile Homes 21.3
Other 0.0

Home Size

SIZE OF Galesburg HOMES
No Bedroom 0.00
1 Bedroom 16.16
2 Bedrooms 27.15
3 Bedrooms 42.55
4 Bedrooms 12.50
5 or more bedrooms 1.64

Popular Neighborhoods in Galesburg

Zip Codes in Galesburg, MI