Commercial Real Estate Market in Hancock, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
5 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 October 2026.
Office
Office vacancy in Hancock, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Hancock, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
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%.
Multifamily
Multifamily space in Hancock, MI has a median asking sale price of $98/SF (based on 4 listings). Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
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
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.
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.
Tools
Frequently Asked Questions
What is the median price per square foot for commercial property in Hancock?
What zoning applies to commercial property in Hancock?
Where does Realmo's Hancock market data come from?
Methodology & data sources
- Asking prices and medians
- There are 5 active for-sale and 0 active for-lease listings in Hancock, MI. The sale median is based on 5 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
