In Hastings, New Construction and the Median Home Are Two Different Markets
October 8, 2026
October 8, 2026
Hastings is planning more new homes than it has in years, and most of them will be priced well above what a typical Hastings home sells for. In August 2026 the median sale price in Hastings was $340,000. The newest subdivision still selling lists its homes from $469,900. The two big projects in the pipeline are pitched from the $400,000s up to around $1 million.
So if you're comparing Hastings with Cottage Grove, Rosemount or Woodbury, keep this in mind. For most budgets in Hastings, the choice between a new build and an existing home is mostly settled before you start. Budget, timing and the city's building pace decide it. For the next couple of years, buyers under about $450,000 will be shopping existing homes. That side of the market is giving buyers more room to negotiate than it did a year ago.
Start with how many new houses Hastings actually adds. The city approved 43 new single-family homes in 2024. In 2025 it approved 42 new homes, made up of 36 single-family homes and six manufactured homes, worth $9.7 million in total.
That pace is nothing new. At the Sept. 21, 2026 council meeting, Community Development Director John Hinzman said Hastings has generally seen about 30 to 40 new single-family homes a year over the past 10 to 15 years. For scale, 310 homes closed in Hastings in the 12 months through August 2026. The two counts measure different things, but the ratio is still clear. Brand-new houses make up a small share of what's available to buy in Hastings in any year.
The neighborhoods that have supplied most recent new homes are close to full. Here is their status in the city's 2025 Community Development annual report, plus the current builder pricing:
| Subdivision | Location | Status in the city's 2025 report | Price signal |
|---|---|---|---|
| Heritage Ridge | General Sieben and Fallbrooke drives | 78 of 80 home sites permitted | Creative Homes lists homes from $469,900 |
| Villas at Pleasant | Northridge and Pleasant | Permits granted for all 38 units | No current pricing found |
| South Oaks of Hastings 4th Addition | Northwest of South Oaks and Century drives | 4 of 35 single-family homes under construction | No current pricing found |
The builder at Heritage Ridge describes its homesites as some of the only new-construction sites currently available in Hastings. Its homes come in single-family and villa styles. Sizes run from 1,612 to 5,080 square feet, with three to six bedrooms. In late September 2026, Creative Homes said a new phase there was selling, with larger homesites and three-car villas.
Seventy-eight permits out of 80 sites is not a count of unsold homes. Some permitted homes may still be under construction or for sale. The useful point is that this neighborhood is in its final stretch, and nothing of similar size is ready to replace it in the next year.
Two projects will shape new construction in Hastings over the next decade. Neither has final approval.
Pleasant Valley Farms is the larger one. Tradition Development Corp. proposes up to 407 homes on about 158 acres west of town, between Featherstone Road and County Road 42. That would be 341 single-family homes and 66 townhomes. On Sept. 21, 2026, the council decided the project doesn't need a full environmental impact statement. It also amended the city's 2040 Comprehensive Plan to designate the land for low-density housing and bring it into the area that can receive metro sewer service. Hinzman told the council directly that these "are actions that are not towards the approval of the subdivision."
Before anyone can buy a home there, these steps remain:
City reporting points to grading in spring 2027 and home construction in fall 2027. The first phases would start at the south end of the property, where General Sieben Drive would connect to Featherstone Road. The developer expects about a 10-year buildout averaging around 40 homes a year. Hinzman said that "would, you know, almost double the output that we've had within the city elsewhere." He also cautioned that actual construction will depend on the housing market.
The only price guidance so far came with the concept plan presented Feb. 23, 2026: from the $400,000s to about $1 million. Later coverage has not updated it.
Walden is on the south side, on 71 acres along Red Wing Boulevard near Highway 316 and Michael Avenue. 310 Designs and Development bought the land in March 2026. The plan is now 186 lots of owner-occupied homes only. Earlier versions also included apartments and senior units. Projected prices run $500,000 to $700,000 for single-family homes and $500,000 to $600,000 for villas. As of the Sept. 14, 2026 Planning Commission meeting, the developer's application was still only partially filed.
One smaller project may come in at a different price. At that same September meeting, staff previewed about 40 townhomes from the Dakota County CDA on the former KDWA radio-tower site near 31st Street and Red Wing Boulevard. A neighborhood meeting is set for Oct. 7. No pricing or timeline has been published.
Taken together, the new supply that is actually planned is mostly priced above $400,000, and none of it is likely to be move-in ready until late 2027 or after.
Most Hastings buyers will be shopping existing homes, and that market has shifted in their favor over the past year. Here is Minneapolis Area REALTORS data for August 2026 compared with August 2025:
Inventory went up by 43% while prices held about steady. That usually means buyers have more homes to compare and a little more time to decide. Sellers are still getting close to their original list prices, but rarely more. Over the 12 months through August 2026, homes sold for 98.4% of original list price on average. The year before, it was 98.7%. The median over that same period was $344,950, essentially flat year over year.
One caution from the source itself: a single month in a town this size can look extreme because of the small sample. August's figures rest on 39 closed sales. The year-over-year jump in inventory is the clearest signal. Look for the September report to confirm it.
When you put a Hastings new build next to an existing home, the numbers measure different things. Heritage Ridge's $469,900 is a builder's starting price. Hastings' $340,000 is the midpoint of every home that closed in August 2026, from small older houses to large newer ones. The gap between them is $129,900, about 38%. But it compares an asking price with a closing price for a very different mix of homes. We found no published Hastings or Dakota County data that separates new-construction sale prices from resale prices. Even metro-wide, new homes made up about 10.6% of 2025 sales across the 16-county region.
That leaves the comparison up to you. A few practical questions help:
Will Pleasant Valley Farms bring Hastings prices down? It could add more homes than Hastings has seen in years, about 40 a year at full pace. But the only price guidance so far starts in the $400,000s, and construction is expected no earlier than fall 2027. Any effect would mostly be on higher-priced homes, and it would come gradually over a decade-long buildout.
Is the Walden plan final? No. The 186-lot count and the $500,000 to $700,000 range come from March 2026 reporting. As of mid-September 2026, the application was still pending.
Can I still buy a lot and build in Hastings today? The options are limited. With 78 of 80 Heritage Ridge sites permitted by the end of 2025, and its builder calling its homesites some of the only ones left in town, ask early about what remains and what each lot costs.
If you're trying to decide whether to buy an existing Hastings home now or wait for a new build at Pleasant Valley Farms or Walden, the answer depends on your budget, your timing and how much you want new over established. I'm happy to look at current listings and the builders' numbers with you and help you figure out which route makes sense. Tom Bullington Homes works with buyers on both sides of that choice, so Let's Connect.
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