Andover, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Andover Neighborhoods Since 2000




Andover, MN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Andover Housing Market Information

With a population of 32,213, 10,117 total housing units (homes and apartments), and a median house value of $296,804, 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 92.89% of Andover's homes, and 73.91% 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 ( 20.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.72%). There's also some housing in Andover built before 1939 ( 1.65%).

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 -1.23%, which is lower than 70% of US communities.

Appreciation rates are so strong in Andover that despite a nationwide downturn in the housing market, Andover real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Andover appreciation rates continue to be some of the highest in America, at 6.47%, which is higher than appreciation rates in 77.67% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Andover. Andover appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that Andover's latest annual appreciation rate is higher than 80% 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:
$296,804

Andover, MN HOME PRICES

Value Range
> $1,197,000 0.0
$898,001 - $1,197,000 0.5
$599,001 - $898,000 2.8
$479,001 - $599,000 2.7
$359,001 - $479,000 17.9
$239,001 - $359,000 44.2
$120,001 - $239,000 28.7
$60,001 - $120,000 1.2
$0 - $60,000 2.1

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
16.5651001992265 10.8829568788501

Number Of Homes And Apartments:
10,117

Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
28.86% 1.48% 3 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,935 / per month

Homeownership Rate

Homeownership
Owners 92.89
Renters 7.11
Vacant 1.86

Housing Market Details

 

Age of Homes

AGE OF Andover HOMES
2000 or Newer 20.3
1970 - 1999 70.3
1940 - 1969 7.7
1939 or Older 1.6

Types of Homes

TYPE OF Andover HOMES
Single-Family 90.8
Townhomes 4.2
Small Apt. Buildings 1.8
Apt. Complexes 2.4
Mobile Homes 0.1
Other 0.7

Home Size

SIZE OF Andover HOMES
No Bedroom 0.24
1 Bedroom 2.81
2 Bedrooms 8.51
3 Bedrooms 33.82
4 Bedrooms 40.09
5 or more bedrooms 14.53