POTW | Inver Grove Heights
By David Arbit on Monday, March 14th, 2016
Inver Grove Heights is a southeast metro city in Dakota County with a population of approximately 35,000. The city occupies a large swath of land between Eagan and the Mississippi.
The above chart shows how single-family prices in Inver Grove tend to exceed single-family prices in the metro area as a whole. Townhouse-condo prices in the city, however, tend to lag behind townhouse-condo prices in the rest of the metro.
As for market times over the last couple years, homes tend to take between two and six extra days to go under contract in Inver Grove when compared to Dakota County and the whole metro area.
Homes tend to sell faster in Eagan than in Inver Grove Heights. Eagan homes go under contract after an average of 30 days on the market, compared to 43 days in Inver Grove.
Here’s a fun one. After years of Inver Grove Heights dominating the segment, the median sales price of townhouse-condo properties is finally higher in Eagan. That happened in November 2015, so it’s a very recent development.
As for sales activity by bedroom range, homes with 4 or more bedrooms are again making up the largest share of the pie. This was the case between mid-2012 through most of 2014, then the trend took a break for most of 2015 before returning.
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