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 mid-2026, the housing market in Inver Grove Heights has shown moderate growth. The average home value is approximately $381,411, 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 $344,817, with a median list price of $388,033. Notably, 39.8% of sales have been over the list price, suggesting competitive bidding among buyers.
For renters, the average rent is $1,861 per month, which is slightly below the national average of $1,965. This represents a 3.4% increase year-over-year, indicating a steady demand for rental properties in the area.
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. Amenities will include a fitness center, community room, outdoor gardening spaces, and walking trails, enhancing the quality of life for residents.
Market Insights
Inver Grove Heights offers a variety of housing options, from single-family homes to townhouses. Single-family homes range from the lower $200,000s to nearly $1.5 million, while townhomes typically sell between the lower $100,000s and the upper $400,000s. The market is competitive, with homes selling in a median of 32 days and a sale-to-list price ratio of 100%, indicating that homes are generally selling at their asking prices.
For those considering buying or renting in Inver Grove Heights, staying informed about market trends and upcoming developments is crucial. The community’s commitment to expanding affordable housing options and its proximity to the Twin Cities make it an attractive place to call home.