Commercial Real Estate Market in Troy, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
Market Trends
Troy, IN spans 15.5 square miles in Spencer County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Troy, 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 Troy, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Troy, 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 Troy, 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
- Industrial 76.1%
- Residential 14.5%
- Agricultural 6.1%
- Commercial 2%
Largest Zones share of zoned land by district
Industrial And Commercial
Single Family Residential
Agricultural
Limited Commercial
Single Family Historic
Troy, IN zones 730 acres across 10 districts. Commercial zoning covers 2% of zoned land, residential 14.5% and industrial 76.1%. The largest single district is Industrial And Commercial at 76.1%. For commercial buyers the practical constraint is that only 78.1% of land carries a commercial or industrial designation.
Single Family Residential (SF)
The purpose of the SF Single-Family Residential District is to accommodate traditional low density residential development. Traditional homes of one or two stories are appropriate in this zone. Modular homes and manufactured homes are allowed in this district if they are placed on a permanent foundation. In addition to being on a permanent foundation, modula…
Market overview
Demographics & Economy
Troy, IN has 591 residents in 377 households. Density runs 38 people per square mile. Median household income here is $59,096 and median gross rent $906 a month.
591
Population
377
Households
1.6
Avg Household Size
45
Median Age
18%
College-Educated
88%
High-School Grad
15.5 sq mi
ZIP Area
38
Density / Sq Mi
$59,096
Median Household Income
$41,917
Median Earnings
$906
Median Rent
$112,800
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
What zoning applies to commercial property in Troy?
Troy, IN zones 730 acres across 10 districts, of which 2% is commercial and 76.1% industrial. The largest single district is Industrial And Commercial at 76.1% of zoned land. Residential zoning covers 14.5% 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: 730 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
