Commercial Real Estate Market in Wells, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
8 active listings and 182 off-market properties in Wells, MN.
Market Trends
Wells, MN spans 175.6 square miles in Faribault County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Wells, 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 Wells, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Wells, 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 Wells, 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 60.2%
- Industrial 20%
- Agricultural 11.7%
- Commercial 7.3%
Largest Zones share of zoned land by district
Residential High Density District
Industrial District
Residential Low Density District
Agricultural District
Service Commercial District
Wells, MN zones 1,210 acres across 7 districts. Commercial zoning covers 7.3% of zoned land, residential 60.2% and industrial 20%. The largest single district is Residential High Density District at 43.7%. For commercial buyers the practical constraint is that only 27.3% of land carries a commercial or industrial designation.
Residential High Density District (R2)
The R-2 District is intended to permit the reuse of infill lots in the older developed areas of the community, and to allow for greater density in the form of multi family, townhouse, condominium, and manufactured dwellings, The goal is to preserve some land that can be developed to serve the city multi family needs without creating incompatible situations,…
Market overview
Demographics & Economy
Wells, MN has 3,613 residents in 1,801 households. Density runs 21 people per square mile. Median household income here is $63,646 and median gross rent $761 a month.
3,613
Population
1,801
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
92%
High-School Grad
175.6 sq mi
ZIP Area
21
Density / Sq Mi
$63,646
Median Household Income
$42,046
Median Earnings
$761
Median Rent
$118,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Easton | — | — |
| Freeborn | — | — |
| Minnesota Lake | — | — |
| Alden | — | — |
Commercial property in Wells, MN asks $95/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Wells?
Commercial property in Wells, MN asks an average of $95 per square foot.
What zoning applies to commercial property in Wells?
Wells, MN zones 1,210 acres across 7 districts, of which 7.3% is commercial and 20% industrial. The largest single district is Residential High Density District at 43.7% of zoned land. The R-2 District is intended to permit the reuse of infill lots in the older developed areas of the community, and to allow for greater density in the form of multi family, townhouse, condominium, and manufactured dwellings, The goal is to preserve some land that can be developed to serve the city multi family needs without creating incompatible situations,… Residential zoning covers 60.2% and open space 0%.
Where does Realmo's Wells market data come from?
Realmo compiles Wells, MN figures from 5 recent recorded sales, 8 active sale listings, 182 tracked off-market properties, the current Wells zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 8 active for-sale and 0 active for-lease listings in Wells, 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: 1,210 zoned acres across 7 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
