Greater Galesburg, MI—49053
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Greater Galesburg, MI
As of Oct '25, the median home price in Greater Galesburg, MI is $279,000, with a year-over-year change of 2.6%. This indicates that home prices in Greater Galesburg, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $279,000 | 2.6% |
| Single Family | $277,000 | 3.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $277,000 | 2.6% |
4 Bed | $333,000 | 1.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Greater Galesburg, MI
As of July '25, Rentcast reports the average rent in Greater Galesburg, MI is $1,280, with a year-over-year rent change of 9.4%. Per bedroom, the median rent as of July '25 in Greater Galesburg, MI is studios: $2,500, 1-bedrooms: $862, 2-bedrooms: $1,090. The most common rental property sizes in Greater Galesburg, MI are 3-bedroom and 2-bedroom, accounting for 42.1% and 31.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $975 | $1,280 |
| Studio Rent | $2,500 | $2,500 |
| 1 Bed Rent | $850 | $862 |
| 2 Bed Rent | $975 | $1,090 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $302,000 | -23.0% |
Listing Count | 29 | -16.0% |
| Listings as % of Homes | 0.3% | -16.0% |
Days on Market | 58 | 1.0% |
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.
| Metric | Latest Census | YoY % 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% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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
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 Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$50 | $850 | $800 |
| 2 Bedroom | -$15 | $975 | $960 |
| 3 Bedroom | N/A | N/A | $1,280 |
| 4 Bedroom | N/A | N/A | $1,340 |
Affordability — Greater Galesburg, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $279,000 |
| Median Household Income | $80,100 |