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 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, suggesting competitive bidding among buyers.
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, meaning homes are generally selling at their listed prices. These figures suggest a balanced market where demand meets supply effectively.
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. The month-over-month change is 1.4%, indicating a steady rise in rental prices. With 17 active rental listings, competition among renters may be moderate, leading to quicker turnover in available properties.
New Developments on the Horizon
Looking ahead, Inver Grove Heights is set to welcome new affordable housing options. A development at 6050 Cahill Avenue will include two apartment buildings totaling 220 units. The first phase will feature a four-story, 140-unit workforce affordable building, while the second phase will consist of an 80-unit senior affordable building. These projects aim to provide high-quality, affordable housing with amenities such as fitness centers, community rooms, and outdoor spaces. The development is expected to be completed in 2026.
Conclusion
Inver Grove Heights continues to offer a dynamic housing market with opportunities for both buyers and renters. The steady increase in home values and rental prices, combined with upcoming affordable housing developments, reflects the community’s growth and commitment to meeting the needs of its residents. Staying informed about these trends and developments will be crucial for those looking to navigate the local real estate landscape effectively.
