Commercial Real Estate Market in Pennville, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
Market Trends
Pennville, IN spans 35.2 square miles in Jay County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Pennville, 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 Pennville, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Pennville, 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 Pennville, 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 85.6%
- Commercial 8.5%
- Industrial 4.7%
Largest Zones share of zoned land by district
Single Family Residential
Multifamily Residential
Light Industrial
Commercial
No Zoning
Pennville, IN zones 250 acres across 5 districts. Commercial zoning covers 8.5% of zoned land, residential 85.6% and industrial 4.7%. The largest single district is Single Family Residential at 85.6%. For commercial buyers the practical constraint is that only 13.1% of land carries a commercial or industrial designation.
Single Family Residential (SFR)
SFR: Single Family Residential District - (R8 on eGIS) The Single Family Residential District (SFR) is established to provide areas appropriate for single family residential structures. The intended density for this district is 2 - 4 dwelling units per acre.
Market overview
Demographics & Economy
Pennville, IN has 1,216 residents in 630 households. Density runs 35 people per square mile. Median household income here is $33,510 and median gross rent $675 a month.
1,216
Population
630
Households
1.9
Avg Household Size
41
Median Age
6%
College-Educated
90%
High-School Grad
35.2 sq mi
ZIP Area
35
Density / Sq Mi
$33,510
Median Household Income
$33,380
Median Earnings
$675
Median Rent
$161,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Nottingham | — | — |
| Poling | — | — |
| Petroleum | — | — |
| Keystone | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Pennville?
Pennville, IN zones 250 acres across 5 districts, of which 8.5% is commercial and 4.7% industrial. The largest single district is Single Family Residential at 85.6% of zoned land. SFR: Single Family Residential District - (R8 on eGIS) The Single Family Residential District (SFR) is established to provide areas appropriate for single family residential structures. The intended density for this district is 2 - 4 dwelling units per acre. Residential zoning covers 85.6% and open space 0%.
Methodology & data sources
- 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: 250 zoned acres across 5 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
