Galesburg, IL—61401
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Galesburg, IL
As of Oct '25, the median home price in Galesburg, IL is $94,000, with a year-over-year change of 5.3%. This indicates that home prices in Galesburg, IL are increasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $94,000 | 5.4% |
| Single Family | $94,000 | 6.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $93,000 | 3.3% |
2 Bed | N/A | N/A |
3 Bed | $124,000 | 5.1% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Galesburg, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Galesburg, IL is 50. This is a increase of 3.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $136,000 | 24.0% |
Listing Count | 95 | -15.0% |
| Listings as % of Homes | 0.5% | -15.0% |
Days on Market | 50 | 3.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Galesburg, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $94,000 |
| Median Household Income | $47,700 |