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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Andover, MN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Andover, MN Housing Market Trends

With 32,928 people, 10,870 houses or apartments, and a median cost of homes of $463,484, Andover real estate is some of the most expensive in Minnesota, although Andover home values aren't among America's most expensive.

Andover is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Andover than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Andover. Owner-occupied housing accounts for 93.34% of Andover's homes, and 76.65% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Andover built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Andover built between 2000 and later ( 28.84%). A lesser amount of the housing stock also hails from between 1940-1969 ( 5.46%). There's also some housing in Andover built before 1939 ( 2.12%).

Andover Home Appreciation Rates

Andover's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Andover during the period has been just 5.70%, which is lower than 70% of US communities.

Over the last year, Andover appreciation rates have trailed the rest of the nation. In the last twelve months, Andover's appreciation rate has been 0.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Andover were at 2.27%, which equates to an annual appreciation rate of 9.37%.

Relative to Minnesota, our data show that Andover's latest annual appreciation rate is lower than 90% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Andover differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Andover - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Andover real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$463,484

Andover, MN Home Prices
> $1,227,000
$921,001 - $1,227,000
$614,001 - $921,000
$491,001 - $614,000
$368,001 - $491,000
$246,001 - $368,000
$122,001 - $246,000
$61,001 - $122,000
$0 - $61,000
1.1%
1.1%
1.4%
1.4%
10.9%
10.9%
26.7%
26.7%
34.5%
34.5%
20.9%
20.9%
2.8%
2.8%
0.2%
0.2%
1.5%
1.5%
0% 100.0%
% of Homes
Very High

for Minnesota

High

for nation

Number of Homes And Apartments:

10,870

Andover Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,302 / per month

Homeownership Rate

Owners
Renters
93.3%
93.3%
6.7%
6.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.4%
2.4%
97.6%
97.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
28.8%
28.8%
63.6%
63.6%
5.5%
5.5%
2.1%
2.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
91.4%
91.4%
5.9%
5.9%
0.4%
0.4%
2.2%
2.2%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.1%
0.1%
1.4%
1.4%
7.7%
7.7%
35.3%
35.3%
41.4%
41.4%
14.0%
14.0%
0% 100.0%
% of Homes