Commercial Real Estate Market in Luverne, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
23 active listings and 372 off-market properties in Luverne, MN.
Market Trends
Luverne, MN spans 166.9 square miles in Rock County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Luverne, 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 Luverne, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Luverne, 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 Luverne, 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 38.9%
- Industrial 24.7%
- Civic 21.6%
- Commercial 14.8%
Largest Zones share of zoned land by district
Special Industry
One And Two Family Residence
Public District
Residential Reserve
Community Commercial
Luverne, MN zones 2,306 acres across 14 districts. Commercial zoning covers 14.8% of zoned land, residential 38.9% and industrial 24.7%. The largest single district is Special Industry at 20%. For commercial buyers the practical constraint is that only 39.5% of land carries a commercial or industrial designation.
Special Industry (I-2)
The purpose of this district is to designate sufficient land for industrial development and to provide attractive land for the purpose of expanding the city's tax base and providing needed employment. This district shall accommodate a wide variety of industrial establishments which may operate to their maximum advantage without adversely affecting other near…
Market overview
Demographics & Economy
Luverne, MN has 6,270 residents in 2,756 households. Density runs 38 people per square mile. Median household income here is $75,234 and median gross rent $726 a month.
6,270
Population
2,756
Households
2.3
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
166.9 sq mi
ZIP Area
38
Density / Sq Mi
$75,234
Median Household Income
$42,706
Median Earnings
$726
Median Rent
$200,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Magnolia | — | — |
| Beaver Creek | — | — |
| Hardwick | — | — |
| Kanaranzi | — | — |
Commercial property in Luverne, MN asks $72/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Luverne?
Commercial property in Luverne, MN asks an average of $72 per square foot.
What zoning applies to commercial property in Luverne?
Luverne, MN zones 2,306 acres across 14 districts, of which 14.8% is commercial and 24.7% industrial. The largest single district is Special Industry at 20% of zoned land. The purpose of this district is to designate sufficient land for industrial development and to provide attractive land for the purpose of expanding the city's tax base and providing needed employment. This district shall accommodate a wide variety of industrial establishments which may operate to their maximum advantage without adversely affecting other near… Residential zoning covers 38.9% and open space 0%.
Where does Realmo's Luverne market data come from?
Realmo compiles Luverne, MN figures from 3 recent recorded sales, 23 active sale listings, 372 tracked off-market properties, the current Luverne zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 23 active for-sale and 0 active for-lease listings in Luverne, 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: 2,306 zoned acres across 14 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
