Metropolitan Statistical Area (MSA):
Galesburg, IL is a Metropolitan Statistical Area (MSA) comprising counties including Knox County.
There is no doubt that the Galesburg, IL metropolitan statistical area (MSA) has seen some major changes in the housing market over the past few years. The most notable change has been the decrease in home prices, which has made it a buyer's market. According to Zillow, the median home value in Galesburg is $85,700, which is a decrease of nearly 8% from last year. This trend is expected to continue as more and more people are moving out of the city and into the suburbs.
The other major trend that we are seeing in Galesburg is an increase in rental properties. This is likely due to the fact that many people cannot afford to purchase a home outright, or they are simply not interested in doing so. Whatever the reason may be, it seems that more and more people are choosing to rent instead of buy.
Overall, it seems that the housing market in Galesburg is slowly but surely changing. Prices are decreasing while rentals are on the rise. It will be interesting to see how these trends play out over the next few years and what effect they will have on the city as a whole.