Greater Galesburg, MI49053

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$279,000
2.6% YoY Growth
Median Household Income
$80,100
30.5% 5-Year Growth
Days on Market
58
1.0% Longer than last year
Home Price Forecast
1.2%
Median Rent
$975
9.4% YoY Growth
1-Bed Rent
$850
N/A
2-Bed Rent
$975
45.3% YoY Growth
3-Bed Rent
N/A
N/A

Property Listings — Greater Galesburg, MI

As of Oct '25, Realtor.com reports that the median days on market for a home in Greater Galesburg, MI is 58. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.

MetricZip Code AverageYear over Year % Change
Median Listing Price
$302,000-23.0%
Listing Count
29-16.0%
Listings as % of Homes0.3%-16.0%
Days on Market
581.0%
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Demographics — Greater Galesburg, MI

As of the latest ACS Survey released in 2023, Greater Galesburg, MI has a population of 7,260, which has decreased by -2.9% over the past 5 years. Greater Galesburg, MI is a moderately popular place for families, as children make up 24.3% of the population. The area has a moderately educated workforce, with 31.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.

MetricLatest CensusYoY % Change
Population
7,260-2.9%
% Under 18
24.3%-12.0%
% Seniors
18.6%45.3%
% WFH
8.5%123.7%
% w/ College Degree
31.4%6.1%
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As of the latest ACS Survey released in 2023, Greater Galesburg, MI is a predominantly white area, with 90.0% of the population identifying as white. The white population has grown by 0.2% in the last 5 years. The second most common race or ethnicity in Greater Galesburg, MI is hispanic, making up 3.8% of the population. Foreign-born residents account for 0.8% of the population in Greater Galesburg, MI, and this percentage has decreased by 70.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

MetricLatest Census5-Year % Change
% White
90.0%0.2%
% Black
2.2%-24.1%
% Hispanic
3.8%-9.5%
% Asian
0.0%-100.0%
% Foreign Born
0.8%-70.4%
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Mortgage and Risk — Greater Galesburg, MI

According to HUD data as of 2023, there were 216 mortgage originations in Greater Galesburg, MI, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Greater Galesburg, MI. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

MetricZip Code Average
Total Loan Originations
216
% Conventional Loans
85.0%
% Government Loans
15.0%
% Investor Loans
1.0%
% Second Loans
0.0%
% Cash Out Refinance
12.0%

Loan Activity

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Rentals and Section 8 — Greater Galesburg, MI

Greater Galesburg, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD
38
Total Units Section 8
38
% Rentals under Section 8
10.7%
% Occupied Section 8
92.0%

Section 8 Opportunity

Home SizeHUD PremiumMarket RentMax HUD Rent
1 Bedroom-$50$850$800
2 Bedroom-$15$975$960
3 BedroomN/AN/A$1,280
4 BedroomN/AN/A$1,340

Affordability — Greater Galesburg, MI

Home Price to Income Ratio

MetricZip Code Average
Home Price to Income Ratio3.1
Median Home Price$279,000
Median Household Income$80,100

Greater Galesburg, MI — ZIP Code Boundary Map

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Frequently Asked Questions