Commercial Real Estate Market in Wakefield, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
9 active listings and 93 off-market properties in Wakefield, VA.
Market Trends
Wakefield, VA spans 86.7 square miles in Sussex County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Wakefield, 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 Wakefield, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Wakefield, 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 Wakefield, 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 80.7%
- Industrial 9.7%
- Commercial 8.7%
- Civic 0.9%
Largest Zones share of zoned land by district
Medium Density Residential
Rural Residential
General Industrial
General Commercial
Downtown Commercial
Wakefield, VA zones 835 acres across 5 districts. Commercial zoning covers 8.7% of zoned land, residential 80.7% and industrial 9.7%. The largest single district is Medium Density Residential at 44.8%. For commercial buyers the practical constraint is that only 18.4% of land carries a commercial or industrial designation.
Medium Density Residential (MDR)
Section 3-2 Medium Density Residential (MDR) 3-2.1 Purpose of the District The purpose of this district is to provide for a variety of residential housing types and styles including single-family detached, duplex, and medium-density townhouse residential development, together with those public and semi-public uses and accessory uses as may be necessary or ar…
Market overview
Demographics & Economy
Wakefield, VA has 2,124 residents in 1,153 households. Density runs 25 people per square mile. Median household income here is $69,063 and median gross rent $959 a month.
2,124
Population
1,153
Households
1.8
Avg Household Size
48
Median Age
19%
College-Educated
89%
High-School Grad
86.7 sq mi
ZIP Area
25
Density / Sq Mi
$69,063
Median Household Income
$42,841
Median Earnings
$959
Median Rent
$196,400
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
What zoning applies to commercial property in Wakefield?
Wakefield, VA zones 835 acres across 5 districts, of which 8.7% is commercial and 9.7% industrial. The largest single district is Medium Density Residential at 44.8% of zoned land. Section 3-2 Medium Density Residential (MDR) 3-2.1 Purpose of the District The purpose of this district is to provide for a variety of residential housing types and styles including single-family detached, duplex, and medium-density townhouse residential development, together with those public and semi-public uses and accessory uses as may be necessary or ar… Residential zoning covers 80.7% and open space 0%.
Where does Realmo's Wakefield market data come from?
Realmo compiles Wakefield, VA figures from 2 recent recorded sales, 9 active sale listings, 93 tracked off-market properties, the current Wakefield zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 9 active for-sale and 0 active for-lease listings in Wakefield, 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: 835 zoned acres across 5 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
