Commercial Real Estate Market in Homer, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
65 active listings and 728 off-market properties in Homer, MI. Commercial property asks $44/SF to buy and $8.78/SF/Yr to lease.
Market Trends
Homer, MI spans 92.5 square miles in Iron County, Michigan. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Homer, 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 Homer, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Homer, 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 Homer, 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 50.3%
- Agricultural 33.5%
- Industrial 11.2%
- Commercial 5%
Largest Zones share of zoned land by district
Medium Density Residential
Open Agricultural And Water Body Conservation
Heavy Industrial
Light Industrial
Low Density Residential
Medium Density Residential (R-2)
The purposeofR-2 District is to provide a stable environment for medium to high density residential areas with suitable open space. This District shall generally be located on the fringeofurban type development. This District allows flexibilityoflot size dependent upon the availabilityofpublic sewer and water services.
Market overview
Demographics & Economy
Homer, MI has 4,672 residents in 1,830 households. Density runs 50 people per square mile. Median household income here is $59,460 and median gross rent $822 a month.
4,672
Population
1,830
Households
2.6
Avg Household Size
39
Median Age
11%
College-Educated
86%
High-School Grad
92.5 sq mi
ZIP Area
50
Density / Sq Mi
$59,460
Median Household Income
$35,197
Median Earnings
$822
Median Rent
$146,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Concord | — | — |
| Tekonsha | — | — |
| Albion | — | — |
| Marshall | — | $11.76 |
Commercial property in Homer, MI asks $44/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Homer?
Commercial property in Homer, MI asks an average of $44 per square foot. The 4 most recent recorded sales traded at a median of $57/SF.
How much does it cost to lease commercial space in Homer?
Asking lease rates in Homer, MI average $8.78 per square foot per year.
Where does Realmo's Homer market data come from?
Realmo compiles Homer, MI figures from 5 recent recorded sales, 63 active sale listings, 2 active lease listings, 728 tracked off-market properties, the current Homer zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 63 active for-sale and 2 active for-lease listings in Homer, 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: 912 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 30 September 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 30 September 2026 · report a data issue
