Galesburg, IL Housing Market
AI-powered market intelligence for the Galesburg, IL metro area.
PropertyIQ Scores
Galesburg, IL Market Analysis
Market Overview
Galesburg’s PropertyIQ Score of 98 out of 100 signals a very strong local housing market by the model’s standards. No state-level PropertyIQ benchmark is provided, but a score near the top of the 100-point range suggests that Galesburg’s market fundamentals are currently favorable. The score is driven by a 12-month home value momentum factor of 20.99%, a 3-month home value momentum factor of 2.86%, a median days-on-market figure of 53 days, and a share of listings with a price cut of 19.9%. These inputs point to a market where homes are moving at a moderate pace and sellers are not relying heavily on price reductions.
Compared with the state, Galesburg is a distinctly lower-cost and lower-income market. The median home value is $122,640, which is well below the state average of $297,573. The rent index is $853, compared with the state benchmark of $1,227. Median household income is $53,291, while the state average is $81,702. Unemployment in Galesburg is 4.9%, matching the state average. This combination means Galesburg offers housing at a much lower price point than the state overall, but it also has a smaller income base to support local purchasing power.
The high PropertyIQ score coexists with a year-over-year median home value change of -$2, which is essentially flat. Inventory is 116 homes for sale, and population growth data is not available. As a result, the score appears to reflect strong momentum and efficient market activity more than a broad demographic or price-appreciation surge. Still, the market’s affordability and steady labor market support the model’s strong rating.
Key Trends
One clear trend is the presence of strong momentum signals alongside flat year-over-year pricing. The 12-month home value momentum factor of 20.99% and the 3-month factor of 2.86% are among the top score contributors, yet the median home value changed by only -$2 year over year. This suggests that the PropertyIQ model is capturing underlying momentum or market strength that has not translated into meaningful median price gains over the past year.
Another trend is affordability relative to state benchmarks. The median home value of $122,640 is less than half the state average of $297,573. At the same time, the rent index of $853 is about 30% below the state benchmark of $1,227, and median household income of $53,291 is about 35% below the state figure of $81,702. This means housing costs are lower in absolute terms, and the ratio of home values to local incomes remains relatively modest.
A third trend is a balanced pace of market activity. Median days on market is 53 days, and 19.9% of listings have had a price cut. With 116 homes for sale, the absolute inventory level is modest, though no state inventory benchmark is provided for comparison. These figures suggest a market where homes are selling at a steady pace without widespread discounting.
Finally, labor market stability is a supporting trend. Galesburg’s unemployment rate of 4.9% is identical to the state average, indicating that the local employment picture is not a relative drag on housing demand compared with the rest of the state.
Who Is This Market For
This market is well suited to first-time buyers and budget-conscious households. With a median home value of $122,640 and a median household income of $53,291, the local home price-to-income ratio is roughly 2.3, which is much lower than the state-level ratio of about 3.6 based on the provided benchmarks. That affordability may make homeownership more accessible for buyers who would struggle with the state average home value of $297,573.
Investors may also find Galesburg attractive. The rent index of $853 against a median home value of $122,640 implies a gross annual rent of $10,236, which translates to a gross rent yield of roughly 8.3% before expenses. That is a meaningful income-oriented metric for investors looking for lower-priced rental properties. The moderate days-on-market figure and the 19.9% price-cut share suggest that the market is not overheated, but also not distressed.
Move-up buyers may find opportunity within the local market, though the lower median household income relative to the state may limit how far some households can stretch. Overall, the market aligns best with first-time buyers, value-conscious owner-occupants, and small-scale investors seeking affordable entry points and cash-flow potential.
Outlook
The outlook for Galesburg is cautiously stable. The PropertyIQ Score of 98 out of 100, supported by a 12-month home value momentum factor of 20.99%, a 3-month factor of 2.86%, median days on market of 53 days, and a 19.9% price-cut share, points to continued market efficiency and steady demand. However, the year-over-year median home value change of -$2 shows that prices have been essentially flat, and the absence of population growth data limits any assumption about demographic tailwinds. With unemployment matching the state average and housing costs well below state benchmarks, the market appears positioned for continued stability rather than rapid price appreciation. Buyers and investors should expect an affordable, moderately active market where fundamentals support steady conditions more than speculative growth.
AI-generated analysis based on current market data. Last updated September 26, 2026.
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Galesburg, IL market data
Galesburg, IL Housing Market Overview
Galesburg, IL's median home value is $123K, up 21.0% over the past year. Homes here sell in a median 53 days. Its PropertyIQ Score of 98 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
The Galesburg, IL metro area is one of 900+ US metropolitan markets that PropertyIQ scores each month. A single PropertyIQ Score blends Zillow price momentum with Realtor.com market-flow signals to estimate 3-year excess appreciation versus the market's state — showing not just where prices stand today, but how the market is positioned relative to its peers.
Midwestern housing markets are characterized by affordability and economic diversification. From manufacturing hubs undergoing tech-sector transitions to university towns with stable demand, the region offers value-oriented opportunities with lower entry costs than coastal markets. Within the Midwest, Galesburg, IL's PropertyIQ Score of 98 ranks among the Midwest's stronger demand signals.
For the Galesburg, IL market, PropertyIQ calculates a single score each month from four inputs: twelve-month Zillow home-value momentum, three-month Zillow home-value momentum, median days on market from Realtor.com, and the Realtor.com price-reduced share. The score is computed nationally across all metros and calibrated so 50 equals the state average. Across the validation history, metro markets in the top score band have outperformed their state by roughly 1.7 percentage points more per year than bottom-band markets. Momentum here has been positive, with home values up 21.0% over the past year.
Use PropertyIQ's interactive analytics to compare Galesburg, IL against any other US metro on its PropertyIQ Score and underlying metrics. Generate a free AI market report, explore historical trends on the graphs page, or see how this market ranks on the scores dashboard.
Counties in the Galesburg, IL metro area
ZIP codes in the Galesburg, IL metro area
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Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Galesburg, IL a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Galesburg, IL currently scores 98, a very strong-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $123K, up 21.0% over the past year. So whether Galesburg, IL is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Galesburg, IL?
Galesburg, IL's PropertyIQ Score is 98, indicating very strong momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 98 places Galesburg, IL above its state benchmark.
Are home prices in Galesburg, IL rising or falling?
Home prices in Galesburg, IL are rising. Over the past year, the median home value increased 21.0%, reaching $123K. Over the latest three months, values moved up 2.9%, a sign near-term demand remains firm. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Galesburg, IL's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Galesburg, IL?
In Galesburg, IL, homes sell in a median of 53 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 20% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Galesburg, IL market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.