Commercial Real Estate Market in Lexington, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
35 active listings and 481 off-market properties in Lexington, VA.
Market Trends
Lexington, VA spans 220.0 square miles in Lexington County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Lexington, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Lexington, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Lexington, VA 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 vacancy in Lexington, VA runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 73.7%
- Commercial 6.1%
- Open space 5.4%
- Industrial 5.1%
Largest Zones share of zoned land by district
General Residential
Suburban Residential
No Zoning
Park And Open Space
Commercial General
Lexington, VA zones 1,633 acres across 8 districts. Commercial zoning covers 6.1% of zoned land, residential 73.7%, open space 5.4% and industrial 5.1%. The largest single district is General Residential at 46.3%. For commercial buyers the practical constraint is that only 11.2% of land carries a commercial or industrial designation.
General Residential (R-1)
General Residential District (R-1). This district is composed of certain moderate-density residential areas, plus certain open areas where similar development appears likely to occur. The regulations for this district are designed to stabilize and protect the essential characteristics of the district and to promote and encourage, insofar as is compatible wit…
Market overview
Demographics & Economy
Lexington, VA has 17,654 residents in 7,650 households. Density runs 80 people per square mile. Median household income here is $77,839 and median gross rent $1,017 a month.
17,654
Population
7,650
Households
2.3
Avg Household Size
37
Median Age
46%
College-Educated
94%
High-School Grad
220 sq mi
ZIP Area
80
Density / Sq Mi
$77,839
Median Household Income
$29,841
Median Earnings
$1,017
Median Rent
$294,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| East Lexington | — | — |
| Natural Bridge | — | — |
| Buena Vista | — | — |
| Glasgow | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Lexington?
Lexington, VA zones 1,633 acres across 8 districts, of which 6.1% is commercial and 5.1% industrial. The largest single district is General Residential at 46.3% of zoned land. General Residential District (R-1). This district is composed of certain moderate-density residential areas, plus certain open areas where similar development appears likely to occur. The regulations for this district are designed to stabilize and protect the essential characteristics of the district and to promote and encourage, insofar as is compatible wit… Residential zoning covers 73.7% and open space 5.4%.
Where does Realmo's Lexington market data come from?
Realmo compiles Lexington, VA figures from 5 recent recorded sales, 33 active sale listings, 2 active lease listings, 481 tracked off-market properties, the current Lexington zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 33 active for-sale and 2 active for-lease listings in Lexington, VA. 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: 1,633 zoned acres across 8 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 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 31 August 2026 · report a data issue
