Is Inver Grove Heights, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Inver Grove Heights is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Inver Grove Heights was a Seller's Market.

Key Takeaway

Inver Grove Heights is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Inver Grove Heights, MN

How much do homes in Inver Grove Heights, MN cost?

Median Sold Price

$363,500

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$38,392(+11.8%)

Key Takeaway

Homes in Inver Grove Heights have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in Inver Grove Heights was $363,500 in February 2024, up 11.8% from last year, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 -$177.6K
N/A
2 $251.5K$259.9K
+3.4%
3 $330.5K$350K
+5.9%
4 $432.5K$450K
+4.0%
5+ $725K$659.9K
-9.0%

Summary: Inver Grove Heights housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 4%, and 5+ bedroom homes decreased by 9%.

Median Sold Price Compared To Nearby Cities

Inver Grove Heights
+11.8%
Saint Paul Park
+6.0%
South Saint Paul
0.4%
Newport
-6.1%

Housing Supply in Inver Grove Heights, MN

How many homes are available in Inver Grove Heights, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
85105+23.5%

Summary: The Inver Grove Heights real estate market had 105 homes for sale in February 2024, a 23.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 1520
+33.3%
3 2935
+20.7%
4 2734
+25.9%
5+ 1416
+14.3%

Summary: The Inver Grove Heights housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 20.7%, 4 bedroom homes increased by 25.9%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1615-6.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Inver Grove Heights, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.

Summary: A total of 15 homes were sold or pending in Inver Grove Heights in February 2024, down by 6.3% month-over-month. Of the 15 sold homes, 40% were sold under asking, 13% were sold at asking, and 47% were sold over asking.

Days on Market for Inver Grove Heights, MN

How long does it take to sell a home in Inver Grove Heights, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
33 Days43 Days+26.8%

Summary: Homes in Inver Grove Heights had an average of 43 days on market in Feb 2024, up by 26.8% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Inver Grove Heights are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 15 homes were sold in Inver Grove Heights; 53% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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