Commercial Real Estate Market in Ironwood, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
56 active listings and 674 off-market properties in Ironwood, MI.
Market Trends
Ironwood, MI spans 225.6 square miles in Gogebic County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Ironwood, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Ironwood, MI asks $65/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Ironwood, 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 Ironwood, 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 67.5%
- Agricultural 14.8%
- Mixed use 8.7%
- Industrial 7.6%
- Commercial 1.4%
Largest Zones share of zoned land by district
Single And Two Family Residential
Rural Residential
Open Land
Industrial
Highway Commercial
Ironwood, MI zones 3,991 acres across 9 districts. Commercial zoning covers 1.4% of zoned land, residential 67.5% and industrial 7.6%. The largest single district is Single And Two Family Residential at 38.6%. For commercial buyers the practical constraint is that only 9% of land carries a commercial or industrial designation.
Single And Two Family Residential (R-1)
The intent of the R-1 residential district is to provide a stable and sound family residential environment with its appropriately related level of urban utilities, facilities and services.
Market overview
Demographics & Economy
Ironwood, MI has 7,340 residents in 4,728 households. Density runs 33 people per square mile. Median household income here is $44,379 and median gross rent $590 a month.
7,340
Population
4,728
Households
1.6
Avg Household Size
49
Median Age
23%
College-Educated
95%
High-School Grad
225.6 sq mi
ZIP Area
33
Density / Sq Mi
$44,379
Median Household Income
$34,553
Median Earnings
$590
Median Rent
$95,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Hurley | — | — |
| Montreal | — | — |
| Bessemer | — | — |
| Ramsay | — | — |
Commercial property in Ironwood, MI asks $145/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Ironwood?
Commercial property in Ironwood, MI asks an average of $145 per square foot. The 5 most recent recorded sales traded at a median of $40/SF, so asking sits 259% above the achieved median. Retail carries the highest asking price at $65/SF.
What zoning applies to commercial property in Ironwood?
Ironwood, MI zones 3,991 acres across 9 districts, of which 1.4% is commercial and 7.6% industrial. The largest single district is Single And Two Family Residential at 38.6% of zoned land. The intent of the R-1 residential district is to provide a stable and sound family residential environment with its appropriately related level of urban utilities, facilities and services. Residential zoning covers 67.5% and open space 0%.
Where does Realmo's Ironwood market data come from?
Realmo compiles Ironwood, MI figures from 6 recent recorded sales, 56 active sale listings, 674 tracked off-market properties, the current Ironwood zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 56 active for-sale and 0 active for-lease listings in Ironwood, 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: 3,991 zoned acres across 9 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, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- 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
