Commercial Real Estate Market in Hancock, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
18 active listings and 883 off-market properties in Hancock, MI.
Market Trends
Hancock, MI spans 49.5 square miles in Houghton County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hancock, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Hancock, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hancock, MI 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 Hancock, MI 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 52%
- Mixed use 17.6%
- Industrial 15.3%
- Open space 11.4%
- Commercial 3.8%
Largest Zones share of zoned land by district
One Family Residential
Industrial
Multiple Family Residential
Community Mixed Use
Open Space And Research
Hancock, MI zones 1,823 acres across 8 districts. Commercial zoning covers 3.8% of zoned land, residential 52%, open space 11.4% and industrial 15.3%. The largest single district is One Family Residential at 38.9%. For commercial buyers the practical constraint is that only 19% of land carries a commercial or industrial designation.
One Family Residential (R-1)
SECTION 3.17: One-Family Residential District (R-1) A. Conflicts to Official Zoning Map The One-Family Residential (R-1) District is intended to regulate all land in the City platted for medium-scale urban and suburban single-unit residential development. B. Existing Development Patterns The existing development pattern in the R-1 District is traditional sin…
Market overview
Demographics & Economy
Hancock, MI has 7,135 residents in 3,366 households. Density runs 144 people per square mile. Median household income here is $67,946 and median gross rent $749 a month.
7,135
Population
3,366
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
96%
High-School Grad
49.5 sq mi
ZIP Area
144
Density / Sq Mi
$67,946
Median Household Income
$31,847
Median Earnings
$749
Median Rent
$211,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Ripley | — | — |
| Houghton | — | — |
| Atlantic Mine | — | — |
| Dollar Bay | — | — |
Commercial property in Hancock, MI asks $357/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hancock?
Commercial property in Hancock, MI asks an average of $357 per square foot.
What zoning applies to commercial property in Hancock?
Hancock, MI zones 1,823 acres across 8 districts, of which 3.8% is commercial and 15.3% industrial. The largest single district is One Family Residential at 38.9% of zoned land. SECTION 3.17: One-Family Residential District (R-1) A. Conflicts to Official Zoning Map The One-Family Residential (R-1) District is intended to regulate all land in the City platted for medium-scale urban and suburban single-unit residential development. B. Existing Development Patterns The existing development pattern in the R-1 District is traditional sin… Residential zoning covers 52% and open space 11.4%.
Where does Realmo's Hancock market data come from?
Realmo compiles Hancock, MI figures from 18 active sale listings, 883 tracked off-market properties, the current Hancock zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 18 active for-sale and 0 active for-lease listings in Hancock, MI. 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: 1,823 zoned acres across 8 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
