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 market 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 sale to list ratio is 1.000, indicating that homes are generally selling at their listed prices. The rental market has also seen activity, with an average rent of $1,799, which is below the national average of $1,951. This represents a 2.9% year-over-year increase, suggesting a steady demand for rental properties.
New Housing Developments
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. These buildings will offer amenities such as a fitness center, community room, business center, and outdoor spaces, including walking trails and gardening areas. The development aims to provide high-quality, affordable housing options for both workforce and senior residents in Inver Grove Heights.
Conclusion
The housing market in Inver Grove Heights is characterized by steady growth and a balanced environment for buyers and sellers. With new developments on the horizon, the community continues to expand its housing options to meet the needs of its residents. Whether you’re considering buying, selling, or renting, staying informed about these trends and developments is essential for making the best decisions in this dynamic market.
