Commercial Real Estate Market in Richmond, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
7 active listings and 132 off-market properties in Richmond, MN.
Market Trends
Richmond, MN spans 70.5 square miles in Stearns County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Richmond, 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 Richmond, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Richmond, 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 Richmond, 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 55.8%
- Agricultural 15.7%
- Civic 10.3%
- Commercial 9.2%
- Industrial 9.1%
Largest Zones share of zoned land by district
Single Family Residential
Agriculture
Public Or Institutional District
Light Industrial
Medium Density Residential
Richmond, MN zones 652 acres across 9 districts. Commercial zoning covers 9.2% of zoned land, residential 55.8% and industrial 9.1%. The largest single district is Single Family Residential at 48.1%. For commercial buyers the practical constraint is that only 18.3% of land carries a commercial or industrial designation.
Single Family Residential (R-1)
Sec. 107-108. R-1 Single-Family Residential District. (a) Purpose. The intent of the R-1 Single-Family Residential District is to provide for areas of low-density residential uses or to allow for continuation of single-family residential development and infill of lots in areas of the city platted prior to the effective d ate of the ordinance from which this…
Market overview
Demographics & Economy
Richmond, MN has 4,372 residents in 2,312 households. Density runs 62 people per square mile. Median household income here is $92,963 and median gross rent $822 a month.
4,372
Population
2,312
Households
1.9
Avg Household Size
45
Median Age
22%
College-Educated
94%
High-School Grad
70.5 sq mi
ZIP Area
62
Density / Sq Mi
$92,963
Median Household Income
$52,231
Median Earnings
$822
Median Rent
$309,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Elmdale | — | — |
| Cold Spring | — | — |
| Roscoe | — | — |
| Saint Martin | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Richmond?
Richmond, MN zones 652 acres across 9 districts, of which 9.2% is commercial and 9.1% industrial. The largest single district is Single Family Residential at 48.1% of zoned land. Sec. 107-108. R-1 Single-Family Residential District. (a) Purpose. The intent of the R-1 Single-Family Residential District is to provide for areas of low-density residential uses or to allow for continuation of single-family residential development and infill of lots in areas of the city platted prior to the effective d ate of the ordinance from which this… Residential zoning covers 55.8% and open space 0%.
Where does Realmo's Richmond market data come from?
Realmo compiles Richmond, MN figures from 2 recent recorded sales, 7 active sale listings, 132 tracked off-market properties, the current Richmond zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 7 active for-sale and 0 active for-lease listings in Richmond, 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: 652 zoned acres across 9 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
