Commercial Real Estate Market in Elgin, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
3 active listings and 127 off-market properties in Elgin, MN.
Market Trends
Elgin, MN spans 52.4 square miles in Wabasha County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Elgin, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Elgin, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Elgin, MN 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 Elgin, MN 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 70%
- Industrial 5%
Largest Zones share of zoned land by district
Single Family Dwelling Residential District
No Zoning
Agriculture
Business Industrial
General Industrial District
Elgin, MN zones 701 acres across 7 districts. The largest single district is Single Family Dwelling Residential District at 45%. For commercial buyers the practical constraint is that only 5% of land carries a commercial or industrial designation.
Single Family Dwelling Residential District (R-1)
To allow low-density development of single dwelling units in developing portions of the city where city sewer and water is available
Market overview
Demographics & Economy
Elgin, MN has 1,934 residents in 866 households. Density runs 37 people per square mile. Median household income here is $102,727 and median gross rent $744 a month.
1,934
Population
866
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
96%
High-School Grad
52.4 sq mi
ZIP Area
37
Density / Sq Mi
$102,727
Median Household Income
$46,886
Median Earnings
$744
Median Rent
$288,600
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
What zoning applies to commercial property in Elgin?
Elgin, MN zones 701 acres across 7 districts, of which 0% is commercial and 5% industrial. The largest single district is Single Family Dwelling Residential District at 45% of zoned land. To allow low-density development of single dwelling units in developing portions of the city where city sewer and water is available Residential zoning covers 70% and open space 0%.
Where does Realmo's Elgin market data come from?
Realmo compiles Elgin, MN figures from 8 recent recorded sales, 3 active sale listings, 127 tracked off-market properties, the current Elgin zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 3 active for-sale and 0 active for-lease listings in Elgin, MN. 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: 701 zoned acres across 7 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
