Commercial Real Estate Market in Hibbing, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
35 active listings and 1,447 off-market properties in Hibbing, MN.
Market Trends
Hibbing, MN spans 347.0 square miles in St. Louis County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hibbing, 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 Hibbing, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hibbing, 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 Hibbing, MN asks $129/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
- Agricultural 25.7%
- Residential 24.4%
- Open space 24.1%
- Industrial 21.8%
- Commercial 2.7%
- Planned_development 0.1%
Largest Zones share of zoned land by district
General Industry District
Agricultural District
Open Space District
Agricultural Rural Residential District
Open Space District
Hibbing, MN zones 119,317 acres across 28 districts. Commercial zoning covers 2.7% of zoned land, residential 24.4%, open space 24.1% and industrial 21.8%. The largest single district is General Industry District at 20.5%. For commercial buyers the practical constraint is that only 24.5% of land carries a commercial or industrial designation.
Open Space District (O-1)
This district is established to insure the proper treatment of critical physical environmental features including but not limited to floodplains, swamps and wetlands, and certain unique vegetation.
Market overview
Demographics & Economy
Hibbing, MN has 17,071 residents in 8,999 households. Density runs 49 people per square mile. Median household income here is $55,694 and median gross rent $739 a month.
17,071
Population
8,999
Households
1.9
Avg Household Size
43
Median Age
19%
College-Educated
93%
High-School Grad
347 sq mi
ZIP Area
49
Density / Sq Mi
$55,694
Median Household Income
$38,268
Median Earnings
$739
Median Rent
$127,600
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Lavinia | — | — |
| Chisholm | — | — |
| Keewatin | — | — |
| Great Scott | — | — |
Commercial property in Hibbing, MN asks $19/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hibbing?
Commercial property in Hibbing, MN asks an average of $19 per square foot. The 6 most recent recorded sales traded at a median of $36/SF. Multifamily carries the highest asking price at $129/SF.
What zoning applies to commercial property in Hibbing?
Hibbing, MN zones 119,317 acres across 28 districts, of which 2.7% is commercial and 21.8% industrial. The largest single district is General Industry District at 20.5% of zoned land. Residential zoning covers 24.4% and open space 24.1%.
Where does Realmo's Hibbing market data come from?
Realmo compiles Hibbing, MN figures from 7 recent recorded sales, 34 active sale listings, 1 active lease listings, 1,447 tracked off-market properties, the current Hibbing zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 34 active for-sale and 1 active for-lease listings in Hibbing, 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: 119,317 zoned acres across 28 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
