Inver Grove Heights, a suburban community southeast of Saint Paul, offers a diverse housing market that appeals to a wide range of buyers and renters. Understanding the current trends and upcoming developments can help residents and potential homeowners make informed decisions.
Current Housing Market Trends
As of May 2026, the median home value in Inver Grove Heights stands at $378,428, reflecting a 2.2% increase over the past year. Homes typically go pending in around 24 days, indicating a competitive market. The median sale price is $340,317, with a median list price of $381,400. Notably, 37% of sales have been over the list price, while 30.2% have been under, showcasing a dynamic market environment.
For renters, the average rent is $1,799 per month, slightly below the national average of $1,951. This represents a 2.9% year-over-year increase, suggesting steady demand in the rental sector.
New Housing Developments
To address the growing need for affordable housing, a new development is underway at 6050 Cahill Avenue. This project includes two apartment buildings totaling 220 units, constructed in two phases. The first phase features a four-story, 140-unit workforce affordable building, while the second phase comprises a four-story, 80-unit senior affordable building. Amenities will include a fitness center, community room, and outdoor spaces, enhancing the quality of life for residents.
Market Insights
Inver Grove Heights has seen 490 residential properties sold in the past 12 months, with a median price for single-family homes at $365,900. The market includes a mix of property types, from single-family homes to townhouses, catering to various preferences and budgets.
For those considering buying or renting in Inver Grove Heights, staying informed about market trends and new developments is crucial. The community’s commitment to expanding affordable housing options and maintaining a competitive market makes it an attractive place to call home.
