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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Galesburg Housing Market Information

With 2,074 people, 1,971 houses or apartments, and a median cost of homes of $231,893, 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 80.05% of the city's housing units. Other types of housing that are prevalent in Galesburg include mobile homes or trailers ( 7.92%), duplexes, homes converted to apartments or other small apartment buildings ( 5.86%), and a few large apartment complexes or high rise apartments ( 5.67%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Galesburg. Owner-occupied housing accounts for 80.33% of Galesburg's homes, and 69.17% have either three or four bedrooms, which is average sized relative to America.

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 between 1940-1969 ( 23.27%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.80%). There's also some housing in Galesburg built before 1939 ( 13.99%).

Galesburg Home Appreciation Rates

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 36.48%, which ranks in the top 40% nationwide. This equates to an annual average Galesburg house appreciation rate of 3.16%.

NeighborhoodScout's data show that during the latest twelve months, Galesburg's appreciation rate, at 5.75%, has been at or slightly above the national average. In the latest quarter, Galesburg's appreciation rate has been 0.83%, which annualizes to a rate of 3.35%.

Relative to Michigan, our data show that Galesburg's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$231,893

Galesburg, MI HOME PRICES

Value Range
> $1,249,000 0.7
$937,001 - $1,249,000 0.1
$625,001 - $937,000 2.4
$500,001 - $625,000 2.7
$375,001 - $500,000 10.0
$250,001 - $375,000 19.7
$125,001 - $250,000 36.9
$62,001 - $125,000 15.1
$0 - $62,000 12.4

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
32.3912408759124 15.7051282051282

Number Of Homes And Apartments:
1,971

Galesburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
37.22% 1.57%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$820 / per month

Homeownership Rate

Homeownership
Owners 80.33
Renters 19.67
Vacant 4.26

Housing Market Details

 

Age of Homes

AGE OF Galesburg HOMES
2000 or Newer 17.8
1970 - 1999 44.9
1940 - 1969 23.3
1939 or Older 14.0

Types of Homes

TYPE OF Galesburg HOMES
Single-Family 80.0
Townhomes 0.5
Small Apt. Buildings 5.9
Apt. Complexes 5.7
Mobile Homes 7.9
Other 0.0

Home Size

SIZE OF Galesburg HOMES
No Bedroom 1.90
1 Bedroom 4.94
2 Bedrooms 17.24
3 Bedrooms 48.74
4 Bedrooms 20.43
5 or more bedrooms 6.76

Popular Neighborhoods in Galesburg

Zip Codes in Galesburg, MI