Galesburg, IL 61401 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Galesburg, IL—61401

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$107,000

14.8% YoY Growth

Household Income

$47,700

23.3% YoY Growth

Days on Market

16.0% Shorter YoY

Home Price Forecast

0.7%

Median Rent

$900

9.3% YoY Growth

1-Bed Rent

$700

1.7% YoY Growth

2-Bed Rent

$875

37.8% YoY Growth

3-Bed Rent

$900

5.3% YoY Growth

Home Price Trends — Galesburg, IL

As of May '26, the median home price in Galesburg, IL is $107,000, with a year-over-year change of 14.8%. This indicates that home prices in Galesburg, IL are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$107,000	14.8%
Single Family	$106,000	15.2%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Galesburg, IL

As of July '25, Rentcast reports the average rent in Galesburg, IL is $950, with a year-over-year rent change of 9.3%. Per bedroom, the median rent as of July '25 in Galesburg, IL is 1-bedrooms: $700, 2-bedrooms: $988, 3-bedrooms: $900, 4-bedrooms: $1,020. The most common rental property sizes in Galesburg, IL are 2-bedroom and 1-bedroom, accounting for 37.2% and 29.4% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$900	$950
Studio Rent	N/A	N/A
1 Bed Rent	$700	$700
2 Bed Rent	$875	$988
3 Bed Rent	$900	$900
4 Bed Rent	$1,000	$1,020

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% of Rental Stock

Studio

5.6%

1 Bedroom

29.4%

2 Bedrooms

37.2%

3 Bedrooms

21.0%

4 Bedrooms

5.8%

5+ Bedrooms

0.9%

Property Listings — Galesburg, IL

As of May '26, Realtor.com reports that the median days on market for a home in Galesburg, IL is 42. This is a decrease of -16.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 16.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$128,000	5.0%
Listing Count	100	4.0%
Listings as % of Homes	0.5%	4.0%
Days on Market	42	-16.0%

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Demographics — Galesburg, IL

As of the latest ACS Survey released in 2023, Galesburg, IL has a population of 30,700, which has decreased by -8.9% over the past 5 years. Galesburg, IL is a moderately popular place for families, as children make up 19.4% of the population. The area has a poorly educated workforce, with 21.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.5% reporting working from home.

Metric	Latest Census	YoY % Change
Population	30,700	-8.9%
% Under 18	19.4%	3.7%
% Seniors	23.2%	17.8%
% WFH	5.5%	205.6%
% w/ College Degree	21.1%	17.2%

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As of the latest ACS Survey released in 2023, Galesburg, IL is a predominantly white area, with 76.8% of the population identifying as white. The white population has grown by 0.3% in the last 5 years. The second most common race or ethnicity in Galesburg, IL is black, making up 8.5% of the population. Foreign-born residents account for 4.5% of the population in Galesburg, IL, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	76.8%	0.3%
% Black	8.5%	-35.1%
% Hispanic	7.9%	6.8%
% Asian	1.4%	-6.7%
% Foreign Born	4.5%	0.0%

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Mortgage and Risk — Galesburg, IL

According to HUD data as of 2023, there were 436 mortgage originations in Galesburg, IL, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Galesburg, IL. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	436
% Conventional Loans	82.0%
% Government Loans	18.0%
% Investor Loans	5.0%
% Second Loans	1.0%
% Cash Out Refinance	5.0%

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Rentals and Section 8 — Galesburg, IL

As of 2024, the percent of homes in Galesburg, IL under the Section 8 program is 15.0%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Galesburg, IL, because HUD payments exceed market rent, while 1-bedroom units do not.

Section 8 Market Size

Total Units under HUD	1,173
Total Units Section 8	755
% Rentals under Section 8	15.0%
% Occupied Section 8	86.9%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$0	$700	$700
2 Bedroom	$5	$875	$880
3 Bedroom	$240	$900	$1,140
4 Bedroom	$300	$1,000	$1,300

Galesburg, IL—61401

Key Metrics at a Glance

Home Price Trends — Galesburg, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Galesburg, IL

% of Rental Stock

Property Listings — Galesburg, IL

Demographics — Galesburg, IL

Race and Ethnicity

Mortgage and Risk — Galesburg, IL

Mortgages

Rentals and Section 8 — Galesburg, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Galesburg, IL

Home Price to Income Ratio

Galesburg, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Galesburg

East Galesburg, IL

Henderson

Wataga, IL

Cameron, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	1.7
Median Home Price	$107,000
Median Household Income	$47,700

Galesburg, IL—61401

Key Metrics at a Glance

Home Price Trends — Galesburg, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Galesburg, IL

% of Rental Stock

Property Listings — Galesburg, IL

Demographics — Galesburg, IL

Race and Ethnicity

Mortgage and Risk — Galesburg, IL

Mortgages

Rentals and Section 8 — Galesburg, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Galesburg, IL

Home Price to Income Ratio

Galesburg, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Galesburg

East Galesburg, IL

Henderson

Wataga, IL

Cameron, IL

Frequently Asked Questions

What is the average home price in Galesburg, IL 61401?

How have home prices in Galesburg, IL 61401 changed over the past year?

What is the home price projection for Galesburg, IL 61401?

What are the demographics of Galesburg, IL 61401?

How long does it take homes to sell in Galesburg, IL 61401?

What is the average rent price in Galesburg, IL 61401?