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 days to pending is 24, highlighting the demand in the area. For renters, the average rent is $1,799, which is below the national average of $1,951. This represents a 2.9% year-over-year increase, indicating a steady rise in rental prices.
New Developments
Inver Grove Heights is also witnessing new developments aimed at expanding housing options. A notable project is the construction of two affordable apartment buildings totaling 220 units at 6050 Cahill Avenue. The development will be built in two phases: the first phase will feature a four-story, 140-unit workforce affordable building, and the second phase will include a four-story, 80-unit senior affordable building. These buildings will offer amenities such as a fitness center, community room, and outdoor gardening spaces, catering to the needs of both workforce and senior residents.
Conclusion
The housing market in Inver Grove Heights is characterized by steady growth and balanced opportunities for buyers, sellers, and renters. With new developments on the horizon, the community continues to evolve, offering diverse housing options to meet the needs of its residents.
