Commercial Real Estate Market in Greenwood, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
Market Trends
Greenwood, MN spans 16.3 square miles in Hennepin County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Greenwood, 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 Greenwood, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Greenwood, 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 space in Greenwood, MN asks $176/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 91.2%
- Open space 3.9%
- Commercial 3.4%
- Civic 1.5%
Largest Zones share of zoned land by district
Single Family
Single Family
City Property Parks
Lake Recreation
Office And Institutional
Greenwood, MN zones 216 acres across 5 districts. Commercial zoning covers 3.4% of zoned land, residential 91.2% and open space 3.9%. The largest single district is Single Family at 77.9%. For commercial buyers the practical constraint is that only 3.4% of land carries a commercial or industrial designation.
Single Family (R-1)
The intent of this district is to provide a use zone for single family dwellings that will be exclusive of other types of use for the purpose of creating and preserving the residential character of the community.
Market overview
Demographics & Economy
Greenwood, MN has 19,568 residents in 8,275 households. Density runs 1,199 people per square mile. Median household income here is $160,029 and median gross rent $1,208 a month.
19,568
Population
8,275
Households
2.4
Avg Household Size
46
Median Age
71%
College-Educated
99%
High-School Grad
16.3 sq mi
ZIP Area
1,199
Density / Sq Mi
$160,029
Median Household Income
$75,771
Median Earnings
$1,208
Median Rent
$707,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Excelsior | — | — |
| Deephaven | — | — |
| Silver Lake | — | — |
| Tonka Bay | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Greenwood?
Greenwood, MN zones 216 acres across 5 districts, of which 3.4% is commercial and 0% industrial. The largest single district is Single Family at 77.9% of zoned land. The intent of this district is to provide a use zone for single family dwellings that will be exclusive of other types of use for the purpose of creating and preserving the residential character of the community. Residential zoning covers 91.2% and open space 3.9%.
Where does Realmo's Greenwood market data come from?
Realmo compiles Greenwood, MN figures from 2 recent recorded sales, 9 tracked off-market properties, the current Greenwood zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- 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: 216 zoned acres across 5 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
