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 trends can help residents and potential homeowners make informed decisions.
Current Housing Market Overview
As of May 2026, the average home value in Inver Grove Heights stands at $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 is $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 dynamic.
Rental Market Trends
The rental market in Inver Grove Heights has also seen changes. 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 steady growth in rental demand.
New Developments
To address the growing demand for affordable housing, a new development is underway at 6050 Cahill Avenue. This project includes two apartment buildings totaling 220 units, with the first phase comprising a four-story, 140-unit workforce affordable building, and the second phase featuring an 80-unit senior affordable building. Amenities will include a fitness center, community room, and outdoor spaces, enhancing the quality of life for residents.
Market Competitiveness
The housing market in Inver Grove Heights is considered very competitive. Homes sell in an average of 24.5 days, with many receiving multiple offers. The average sale-to-list price ratio is 99.9%, indicating that homes are selling close to their asking prices.
For those considering buying or renting in Inver Grove Heights, staying informed about these trends is crucial. The market’s competitiveness underscores the importance of timely decision-making and thorough research to find the right home in this vibrant community.
