Inver Grove Heights, Minnesota Housing Market Prices
Inver Grove Heights Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 96% below the Minnesota median$8,394
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Median rent 13% above the Minnesota median$1,441
Housing Market Overview
| Metric | Inver Grove Heights | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $8,394 | $236,718 | $248,835 |
| Price Trend (Annual %) | -6.1% | 6.6% | 7.5% |
| Median Gross Rent | $1,441 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Inver Grove Heights is about 96% lower than in Minnesota. Rent is about 13% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Inver Grove Heights: home prices fell about 6.1% a year while rent rose about 4.9% a year. That is an unusual pattern worth watching.
Median rent in Inver Grove Heights rose about 46.9% between 2015 and 2024, from $981 to $1,441. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 0.1 yearly household incomes in Inver Grove Heights.
Buying the median-priced home in Inver Grove Heights costs roughly 0.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Inver Grove Heights. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Inver Grove Heights | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $8,394 | $236,718 | $248,835 |
| Median Household Income | $102,159 | $89,852 | $80,455 |
| Price-to-Income Ratio | 0.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Inver Grove Heights fell about 95.2%, while median household income rose about 37.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Inver Grove Heights | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.3% | 65.5% | 58.5% |
| Rental Rate | 20.5% | 25.2% | 31.2% |
| Vacancy Rate | 2.2% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Inver Grove Heights has a homeownership rate of 77.3%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 2.2%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Inver Grove Heights | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1990 | 1976 | 1978 |
| Median Number of Rooms | 6.2 | 6.1 | 5.5 |
The typical housing unit in Inver Grove Heights was built around 1990. On average, 2.4 people live in a home with about 6.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Inver Grove Heights, Minnesota.
What is the median home price in Inver Grove Heights, Minnesota?
The median home price in Inver Grove Heights, Minnesota is $8,394, lower than the Minnesota average of $236,718.
What is the average home price in Inver Grove Heights, Minnesota?
The typical home price in Inver Grove Heights, Minnesota, reported as the median sale price, is $8,394. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Inver Grove Heights, Minnesota?
The median gross rent in Inver Grove Heights, Minnesota is $1,441 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Inver Grove Heights in 2020?
In 2020, the median gross rent in Inver Grove Heights, Minnesota was $1,209 per month.
What is the price-to-rent ratio in Inver Grove Heights, Minnesota?
The price-to-rent ratio in Inver Grove Heights, Minnesota is about 0.5, meaning it would take roughly 0.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Inver Grove Heights.
Are home prices or rent rising faster in Inver Grove Heights, Minnesota?
Home prices and rent are moving in opposite directions in Inver Grove Heights: home prices fell about 6.1% a year while rent rose about 4.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Inver Grove Heights, Minnesota?
77.3% of households in Inver Grove Heights, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Inver Grove Heights, Minnesota?
The housing vacancy rate in Inver Grove Heights, Minnesota is 2.2%, lower than the Minnesota average of 9.3%.
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