Commercial Real Estate Market in Martinsville, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
33 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 October 2026.
Office
Office vacancy in Martinsville, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Retail
Retail space in Martinsville, VA has a median asking sale price of $116/SF (based on 4 listings). Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
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%.
Multifamily
Multifamily space in Martinsville, VA has a median asking sale price of $129/SF (based on 3 listings). Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
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
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.
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.
Tools
Frequently Asked Questions
What is the median price per square foot for commercial property in Martinsville?
What zoning applies to commercial property in Martinsville?
Where does Realmo's Martinsville market data come from?
Methodology & data sources
- Asking prices and medians
- There are 27 active for-sale and 6 active for-lease listings in Martinsville, VA. The sale median is based on 11 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
