Commercial Real Estate Market in Milan, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
7 active listings and 141 off-market properties in Milan, IN.
Market Trends
Milan, IN spans 63.4 square miles in Ripley County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Milan, 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 Milan, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Milan, 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 Milan, 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 74.2%
- Commercial 15.5%
- Industrial 10%
Largest Zones share of zoned land by district
Single Family Residence District
Local Business District
Multifamily Residence District
Enclosed Industrial District
General Business District
Milan, IN zones 1,559 acres across 10 districts. Commercial zoning covers 15.5% of zoned land, residential 74.2% and industrial 10%. The largest single district is Single Family Residence District at 61%. For commercial buyers the practical constraint is that only 25.5% of land carries a commercial or industrial designation.
Single Family Residence District (R1)
This district, although very suitable for agricultural uses in many locations, is designed to also permit low density single family residential development, and is adaptable to urban and suburban locations
Market overview
Demographics & Economy
Milan, IN has 5,200 residents in 2,036 households. Density runs 82 people per square mile. Median household income here is $67,520 and median gross rent $939 a month.
5,200
Population
2,036
Households
2.6
Avg Household Size
44
Median Age
17%
College-Educated
88%
High-School Grad
63.4 sq mi
ZIP Area
82
Density / Sq Mi
$67,520
Median Household Income
$33,125
Median Earnings
$939
Median Rent
$188,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Moores Hill | — | — |
| Pierceville | — | — |
| Elrod | — | — |
| Versailles | — | — |
Commercial property in Milan, IN asks $27/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Milan?
Commercial property in Milan, IN asks an average of $27 per square foot.
What zoning applies to commercial property in Milan?
Milan, IN zones 1,559 acres across 10 districts, of which 15.5% is commercial and 10% industrial. The largest single district is Single Family Residence District at 61% of zoned land. This district, although very suitable for agricultural uses in many locations, is designed to also permit low density single family residential development, and is adaptable to urban and suburban locations Residential zoning covers 74.2% and open space 0%.
Where does Realmo's Milan market data come from?
Realmo compiles Milan, IN figures from 7 active sale listings, 141 tracked off-market properties, the current Milan zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 7 active for-sale and 0 active for-lease listings in Milan, 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: 1,559 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
