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 Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (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, 828 houses or apartments, and a median cost of homes of $212,038, 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 44.86% of the city's housing units. Other types of housing that are prevalent in Galesburg include mobile homes or trailers ( 20.00%), duplexes, homes converted to apartments or other small apartment buildings ( 18.87%), and a few large apartment complexes or high rise apartments ( 14.69%).

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 48.75% owning and 51.25% 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 ( 32.32%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.07%). There's also some housing in Galesburg built between 2000 and later ( 4.75%).

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 26.60%, which ranks in the top 40% nationwide. This equates to an annual average Galesburg house appreciation rate of 2.39%.

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 1.49%, 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 2.24%, which equates to an annual appreciation rate of 9.26%.

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:
$212,038

Galesburg, MI HOME PRICES

Value Range
> $1,246,000 0.5
$934,001 - $1,246,000 0.1
$623,001 - $934,000 2.0
$498,001 - $623,000 2.0
$374,001 - $498,000 6.4
$249,001 - $374,000 18.9
$125,001 - $249,000 43.3
$62,001 - $125,000 14.5
$0 - $62,000 12.3

High for MI
High for Nation

Value Relative to Nation Value Relative to State
36.1021897810219 21.2339743589744

Number Of Homes And Apartments:
828

Galesburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
30.61% 1.36%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$761 / per month

Homeownership Rate

Homeownership
Owners 48.75
Renters 51.25
Vacant 6.44

Housing Market Details

 

Age of Homes

AGE OF Galesburg HOMES
2000 or Newer 4.7
1970 - 1999 38.9
1940 - 1969 24.1
1939 or Older 32.3

Types of Homes

TYPE OF Galesburg HOMES
Single-Family 44.9
Townhomes 1.6
Small Apt. Buildings 18.9
Apt. Complexes 14.7
Mobile Homes 20.0
Other 0.0

Home Size

SIZE OF Galesburg HOMES
No Bedroom 1.58
1 Bedroom 14.01
2 Bedrooms 31.75
3 Bedrooms 39.44
4 Bedrooms 12.32
5 or more bedrooms 0.90

Popular Neighborhoods in Galesburg

Zip Codes in Galesburg, MI