Commercial Real Estate Market in Martinsville, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
86 active listings and 835 off-market properties in Martinsville, VA.
Market Trends
Martinsville, VA spans 151.3 square miles in Martinsville County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Martinsville, 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 Martinsville, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Martinsville, 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 Martinsville, 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 69.1%
- Commercial 13.8%
- Industrial 12.9%
- Civic 4.1%
Largest Zones share of zoned land by district
Neighborhood Residential
City Residential
Estate Residential
Economic Development General
Corridor Commercial
Martinsville, VA zones 6,319 acres across 11 districts. Commercial zoning covers 13.8% of zoned land, residential 69.1% and industrial 12.9%. The largest single district is Neighborhood Residential at 35.8%. For commercial buyers the practical constraint is that only 26.7% of land carries a commercial or industrial designation.
Neighborhood Residential (R-N)
Residentially zoned properties (R-C, R-N, R-E, and R-T) are primarily residential homes with different lot sizes and setback requirements. (Set-backs are the distance a structure must be from property lines or right-of-ways.) Commercial districts are for retail businesses both neighborhood-oriented and regional. Most of these sites are along major roadways t…
Market overview
Demographics & Economy
Martinsville, VA has 30,978 residents in 15,999 households. Density runs 205 people per square mile. Median household income here is $47,059 and median gross rent $770 a month.
30,978
Population
15,999
Households
1.9
Avg Household Size
48
Median Age
19%
College-Educated
86%
High-School Grad
151.3 sq mi
ZIP Area
205
Density / Sq Mi
$47,059
Median Household Income
$34,100
Median Earnings
$770
Median Rent
$119,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Collinsville | — | — |
| Fieldale | — | — |
| Stanleytown | — | — |
| Ridgeway | — | — |
Commercial property in Martinsville, VA asks $66/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Martinsville?
Commercial property in Martinsville, VA asks an average of $66 per square foot.
What zoning applies to commercial property in Martinsville?
Martinsville, VA zones 6,319 acres across 11 districts, of which 13.8% is commercial and 12.9% industrial. The largest single district is Neighborhood Residential at 35.8% of zoned land. Residentially zoned properties (R-C, R-N, R-E, and R-T) are primarily residential homes with different lot sizes and setback requirements. (Set-backs are the distance a structure must be from property lines or right-of-ways.) Commercial districts are for retail businesses both neighborhood-oriented and regional. Most of these sites are along major roadways t… Residential zoning covers 69.1% and open space 0%.
Where does Realmo's Martinsville market data come from?
Realmo compiles Martinsville, VA figures from 8 recent recorded sales, 81 active sale listings, 5 active lease listings, 835 tracked off-market properties, the current Martinsville zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 81 active for-sale and 5 active for-lease listings in Martinsville, 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: 6,319 zoned acres across 11 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
