Commercial Real Estate Market in Hanover, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
3 active listings and 38 off-market properties in Hanover, MN.
Market Trends
Hanover, MN spans 141.8 square miles in Wright County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hanover, 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 Hanover, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hanover, 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 Hanover, 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 47.6%
- Commercial 35.5%
- Open space 12.6%
- Industrial 2.6%
- Civic 1.2%
Largest Zones share of zoned land by district
Neighborhood Residential
Rural Residential
Agricultural
Parks And Open Space
Industrial Park
Hanover, MN zones 3,539 acres across 10 districts. Commercial zoning covers 35.5% of zoned land, residential 47.6%, open space 12.6% and industrial 2.6%. The largest single district is Neighborhood Residential at 46.8%. For commercial buyers the practical constraint is that only 38.1% of land carries a commercial or industrial designation.
Agricultural (AG)
F. An Accessory Apartment as may be permitted in the AG zoning district is not counted as the use of a Building Eligibility for the purpose of this section. SEC. 10.18 EXPIRATION OF ZONING APPROVALS A. Automatic Expiration. Unless otherwise specified by the City Council at the time it is authorized, an amendment, conditional use permit, interim use permit, P…
Market overview
Demographics & Economy
Hanover, MN has 45,879 residents in 17,757 households. Density runs 323 people per square mile. Median household income here is $112,287 and median gross rent $1,548 a month.
45,879
Population
17,757
Households
2.6
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
141.8 sq mi
ZIP Area
323
Density / Sq Mi
$112,287
Median Household Income
$59,071
Median Earnings
$1,548
Median Rent
$345,727
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Saint Michael | — | — |
| Greenfield | — | — |
| Rogers | — | — |
| Rockford | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Hanover?
Hanover, MN zones 3,539 acres across 10 districts, of which 35.5% is commercial and 2.6% industrial. The largest single district is Neighborhood Residential at 46.8% of zoned land. Residential zoning covers 47.6% and open space 12.6%.
Where does Realmo's Hanover market data come from?
Realmo compiles Hanover, MN figures from 3 active sale listings, 38 tracked off-market properties, the current Hanover 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 Hanover, 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: 3,539 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 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
