Commercial Real Estate Market in Gray, TN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
337 active listings and 2,420 off-market properties in Gray, TN. Commercial property asks $30/SF to buy and $21.00/SF/Yr to lease.
Market Trends
Gray, TN spans 37.6 square miles in Washington County, Tennessee. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Gray, TN asks $134/SF to buy. Vacancy runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Retail
Retail space in Gray, TN asks $155/SF to buy. Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Industrial
Industrial vacancy in Gray, TN runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily space in Gray, TN asks $241/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Market overview
Demographics & Economy
Gray, TN has 22,151 residents in 9,946 households. Density runs 589 people per square mile. Median household income here is $75,556 and median gross rent $966 a month.
22,151
Population
9,946
Households
2.2
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
37.6 sq mi
ZIP Area
589
Density / Sq Mi
$75,556
Median Household Income
$43,758
Median Earnings
$966
Median Rent
$261,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Kingsport | — | $18.98 |
| Jonesborough | — | $16.08 |
| Piney Flats | — | — |
Commercial property in Gray, TN asks $30/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Gray?
Commercial property in Gray, TN asks an average of $30 per square foot. The 3 most recent recorded sales traded at a median of $76/SF. Multifamily carries the highest asking price at $241/SF.
How much does it cost to lease commercial space in Gray?
Asking lease rates in Gray, TN average $21.00 per square foot per year.
Where does Realmo's Gray market data come from?
Realmo compiles Gray, TN figures from 6 recent recorded sales, 265 active sale listings, 72 active lease listings, 2,420 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 265 active for-sale and 72 active for-lease listings in Gray, TN. 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.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South 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 30 September 2026 · How Realmo checks market page data · Report a data issue
