Commercial Real Estate Market in Elwood, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
25 active listings and 671 off-market properties in Elwood, IN. Commercial property asks $115/SF to buy and $14.00/SF/Yr to lease.
Market Trends
Elwood, IN spans 80.3 square miles in Madison County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Elwood, IN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Elwood, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Elwood, IN 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 Elwood, IN 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 72.4%
- Industrial 24.9%
- Planned_development 2.7%
Largest Zones share of zoned land by district
Medium To High Density Residential
Conservation And Public
Medium Density Residential
High Density Residential
Heavy Industrial
Elwood, IN zones 2,059 acres across 10 districts. The largest single district is Medium To High Density Residential at 25.9%. For commercial buyers the practical constraint is that only 24.9% of land carries a commercial or industrial designation.
Medium To High Density Residential (R2)
The intent of this zone is to create an attractive, stable, and orderly residential environment, limited to single family and two family dwellings and public or semi public uses normally associated with residential neighborhoods, with lot and yard requirements designed to provide for the housing needs and desires of the citizens
Market overview
Demographics & Economy
Elwood, IN has 11,247 residents in 5,284 households. Density runs 140 people per square mile. Median household income here is $59,082 and median gross rent $841 a month.
11,247
Population
5,284
Households
2.1
Avg Household Size
44
Median Age
10%
College-Educated
92%
High-School Grad
80.3 sq mi
ZIP Area
140
Density / Sq Mi
$59,082
Median Household Income
$39,022
Median Earnings
$841
Median Rent
$108,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| West Elwood | — | — |
| New Lancaster | — | — |
| Curtisville | — | — |
| Frankton | — | — |
Commercial property in Elwood, IN asks $115/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Elwood?
Commercial property in Elwood, IN asks an average of $115 per square foot.
How much does it cost to lease commercial space in Elwood?
Asking lease rates in Elwood, IN average $14.00 per square foot per year.
What zoning applies to commercial property in Elwood?
Elwood, IN zones 2,059 acres across 10 districts, of which 0% is commercial and 24.9% industrial. The largest single district is Medium To High Density Residential at 25.9% of zoned land. The intent of this zone is to create an attractive, stable, and orderly residential environment, limited to single family and two family dwellings and public or semi public uses normally associated with residential neighborhoods, with lot and yard requirements designed to provide for the housing needs and desires of the citizens Residential zoning covers 72.4% and open space 0%.
Where does Realmo's Elwood market data come from?
Realmo compiles Elwood, IN figures from 21 active sale listings, 4 active lease listings, 671 tracked off-market properties, the current Elwood zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 21 active for-sale and 4 active for-lease listings in Elwood, IN. 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: 2,059 zoned acres across 10 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
