Inver Grove Heights, a suburban community southeast of Saint Paul along the Mississippi River, 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 housing market in Inver Grove Heights has shown steady growth. The average home value is $378,428, reflecting a 2.2% increase over the past year. Homes typically go pending in around 24 days, indicating a relatively brisk market. The median sale price stands at $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, suggesting a balanced market for both buyers and sellers.
In terms of inventory, there were 108 homes for sale and 49 new listings as of May 31, 2026. The median days to pending is 24, highlighting the competitive nature of the market.
Rental Market Insights
The rental market in Inver Grove Heights has also experienced changes. The average rent is $1,799, which is below the national average of $1,951. This represents a 2.9% increase year-over-year, indicating a steady demand for rental properties in the area.
New Developments on the Horizon
To address the growing demand for affordable housing, a new development is underway at 6050 Cahill Avenue. This project will feature two affordable apartment buildings totaling 220 units, constructed in two phases. The first phase includes 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, outdoor gardening spaces, and walking trails. This development aims to provide high-quality, affordable housing options for both workforce members and seniors in the community.
Conclusion
Inver Grove Heights continues to offer a dynamic housing market with opportunities for buyers, sellers, and renters alike. Staying informed about market trends and upcoming developments is essential for making well-informed decisions in this evolving landscape.
