Commercial Real Estate Market in Monterey, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
21 active listings and 87 off-market properties in Monterey, VA.
Market Trends
Monterey, VA spans 190.5 square miles in Highland County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Monterey, 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 Monterey, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Monterey, 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 Monterey, 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 40.3%
- Planned_development 32.9%
- Commercial 19.1%
- Agricultural 5.9%
- Industrial 1.8%
Largest Zones share of zoned land by district
Planned Development
Residential General
Residential Limited
General Business
Agricultural
Planned Development (R-4)
District is to provide for larger scaled development and clustering to provide for a neighborhood with a variety of housing types and densities, which may include neighborhood shopping facilities, schools, parks, playgrounds, off-street parking and, where necessary, land reserved to provide local employment opportunities
Market overview
Demographics & Economy
Monterey, VA has 1,305 residents in 1,050 households. Density runs 7 people per square mile. Median household income here is $65,500 and median gross rent $863 a month.
1,305
Population
1,050
Households
1.2
Avg Household Size
57
Median Age
41%
College-Educated
90%
High-School Grad
190.5 sq mi
ZIP Area
7
Density / Sq Mi
$65,500
Median Household Income
$28,798
Median Earnings
$863
Median Rent
$209,300
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Hightown | — | — |
| Blue Grass | — | — |
| Mc Dowell | — | — |
| Doe Hill | — | — |
Frequently Asked Questions
Where does Realmo's Monterey market data come from?
Realmo compiles Monterey, VA figures from 6 recent recorded sales, 21 active sale listings, 87 tracked off-market properties, the current Monterey zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 21 active for-sale and 0 active for-lease listings in Monterey, 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: 185 zoned acres across 6 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
