58035, Galesburg, ND

The 58035 zip code of Galesburg, ND is located in the southwestern corner of the state and includes a population of just over 10,000. The median household income in this zip code is just under $50,000, and the unemployment rate is just over 3%. Home values in this area have been on a steady decline for the past few years, with prices dropping by nearly 20% between 2013 and 2016. However, there has been some stabilization recently as prices have increased by about 5% over the past year.

There are several factors contributing to the decline in home values in this area. First, there is a lack of available housing stock due to zoning restrictions that make it difficult to build new homes. Second, there has been an increase in interest rates which makes it more expensive for people to borrow money to buy a home. Finally, there has been a decrease in demand for homes due to low unemployment rates and increasing wages across most industries.

Despite these challenges, there are still some homeowners who are able to sell their homes for above their original purchase price. In fact, one recent study found that approximately half of all homeowners who sold their homes within the last three years were able to sell them for more than they paid for them. This suggests that there is still strong demand for properties in this area despite ongoing declines in home values.