Inver Grove Heights, Minnesota, continues to be a dynamic and competitive housing market. Recent data indicates a steady increase in home values, with the average home value reaching $381,411, marking a 2.2% rise over the past year. Homes in the area typically go pending in approximately 24 days, reflecting strong demand among buyers.
Market Trends
The median sale price of homes in Inver Grove Heights stands at $380,000, representing a 2.6% increase compared to the previous year. The median sale price per square foot is $195, up 2.4% year-over-year. These figures suggest a resilient market with consistent appreciation in property values.
Inventory levels have seen slight fluctuations. As of June 2026, there were 112 homes listed for sale, with 44 new listings added that month. The median list price was $388,033, and homes spent a median of 32 days on the market before selling. Notably, 39.8% of sales closed above the list price, indicating competitive bidding among buyers.
Rental Market
The rental market in Inver Grove Heights has experienced some adjustments. The average rent is $1,861 per month, reflecting a 3.4% increase over the past year. However, the number of rental properties available has decreased, with only 14 listings currently on the market, a 62.5% decline from the previous year. This reduction in rental inventory may contribute to upward pressure on rental prices.
New Developments
In response to the growing demand for housing, new developments are underway. A notable project at 6050 Cahill Avenue will introduce two affordable apartment buildings totaling 220 units. The first phase includes a four-story, 140-unit workforce affordable building, while the second phase features a four-story, 80-unit senior affordable building. These developments aim to provide high-quality, affordable housing options for the community.
The buildings will offer amenities such as a fitness center, community room with a kitchen, outdoor gardening spaces, and walking trails. Parking will be available through a combination of underground and surface-level spaces. This project is expected to enhance the housing landscape in Inver Grove Heights by offering more affordable options to residents.
Conclusion
The housing market in Inver Grove Heights remains robust, characterized by rising home values and a competitive environment for buyers. The introduction of new affordable housing developments is a positive step toward addressing the community’s diverse housing needs. Prospective buyers and renters should stay informed about market trends and upcoming developments to make well-informed decisions in this evolving market.