Commercial Real Estate Market in Northfield, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
7 active listings and 520 off-market properties in Northfield, MN.
Market Trends
Northfield, MN spans 124.7 square miles in Rice County, Minnesota. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Northfield, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Northfield, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Northfield, 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%.
Multifamily
Multifamily vacancy in Northfield, MN runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 29.5%
- Commercial 28.4%
- Agricultural 20.2%
- Industrial 15%
- Civic 6.1%
- Open space 0.8%
- Mixed use 0%
Largest Zones share of zoned land by district
Northfield, MN zones 4,692 acres across 14 districts. Commercial zoning covers 28.4% of zoned land, residential 29.5%, open space 0.8% and industrial 15%. The largest single district is Neighborhood General 1 District Fixed Boundary at 21.4%. For commercial buyers the practical constraint is that only 43.4% of land carries a commercial or industrial designation.
The Neighborhood General 1 (N1) district is applied to existing residential neighborhoods of the city that are found outside the R1 district.
Market overview
Demographics & Economy
Northfield, MN has 25,519 residents in 8,494 households. Density runs 205 people per square mile. Median household income here is $97,521 and median gross rent $1,042 a month.
Tools
Frequently Asked Questions
What is the median price per square foot for commercial property in Northfield?
What zoning applies to commercial property in Northfield?
Where does Realmo's Northfield market data come from?
Methodology & data sources
- Asking prices and medians
- There are 5 active for-sale and 2 active for-lease listings in Northfield, MN. The sale median is based on 4 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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: 4,692 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
