Commercial Real Estate Market in Homewood, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
34 active listings and 597 off-market properties in Homewood, IL. Commercial property asks $220/SF to buy and $19.83/SF/Yr to lease.
Market Trends
Homewood, IL spans 10.9 square miles in Cook County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Homewood, IL runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Homewood, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Homewood, IL runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Homewood, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 59.4%
- Open space 16.7%
- Commercial 11.5%
- Industrial 6.6%
Largest Zones share of zoned land by district
Single Family Residence
Public Land And Open Space
Single Family Residence
Limited Manufacturing
Shopping Center
Homewood, IL zones 2,625 acres across 12 districts. Commercial zoning covers 11.5% of zoned land, residential 59.4%, open space 16.7% and industrial 6.6%. The largest single district is Single Family Residence at 43.9%. For commercial buyers the practical constraint is that only 18.1% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Homewood, IL has 30,073 residents in 11,556 households. Density runs 2,768 people per square mile. Median household income here is $105,704 and median gross rent $1,674 a month.
30,073
Population
11,556
Households
2.6
Avg Household Size
43
Median Age
53%
College-Educated
97%
High-School Grad
10.9 sq mi
ZIP Area
2,768
Density / Sq Mi
$105,704
Median Household Income
$58,945
Median Earnings
$1,674
Median Rent
$240,558
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Olympia Fields | — | — |
| Country Club Hills | — | — |
| East Hazel Crest | — | $33.39 |
| Tinley Park | — | $18.83 |
Commercial property in Homewood, IL asks $220/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Homewood?
Commercial property in Homewood, IL asks an average of $220 per square foot.
How much does it cost to lease commercial space in Homewood?
Asking lease rates in Homewood, IL average $19.83 per square foot per year.
What zoning applies to commercial property in Homewood?
Homewood, IL zones 2,625 acres across 12 districts, of which 11.5% is commercial and 6.6% industrial. The largest single district is Single Family Residence at 43.9% of zoned land. Residential zoning covers 59.4% and open space 16.7%.
Where does Realmo's Homewood market data come from?
Realmo compiles Homewood, IL figures from 5 recent recorded sales, 22 active sale listings, 12 active lease listings, 597 tracked off-market properties, the current Homewood zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 22 active for-sale and 12 active for-lease listings in Homewood, IL. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 2,625 zoned acres across 12 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
