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


Andover Housing Market Information

With 32,213 people, 10,131 houses or apartments, and a median cost of homes of $287,215, 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 93.03% of Andover's homes, and 72.18% 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 ( 19.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.86%). There's also some housing in Andover built before 1939 ( 1.62%).

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 -1.45%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Andover's appreciation rate, at 5.56%, has been at or slightly above the national average. In the latest quarter, Andover's appreciation rate has been 2.70%, which annualizes to a rate of 11.26%.

Importantly, this makes Andover one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Minnesota, our data show that Andover's latest annual appreciation rate is higher than 70% 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:
$287,215

Andover, MN HOME PRICES

Value Range
> $1,205,000 0.0
$904,001 - $1,205,000 0.4
$602,001 - $904,000 3.0
$482,001 - $602,000 3.0
$362,001 - $482,000 15.1
$241,001 - $362,000 44.7
$121,001 - $241,000 30.5
$60,001 - $121,000 1.1
$0 - $60,000 2.3

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
18.1823505299526 13.347022587269

Number Of Homes And Apartments:
10,131

Rent & Ownership

 

Average Market Rent:
$1,489 / per month

Homeownership Rate

Homeownership
Owners 93.03
Renters 6.97
Vacant 2.04

Housing Market Details

 

Age of Homes

AGE OF Andover HOMES
2000 or Newer 19.4
1970 - 1999 71.1
1940 - 1969 7.9
1939 or Older 1.6

Types of Homes

TYPE OF Andover HOMES
Single-Family 91.2
Townhomes 3.8
Small Apt. Buildings 1.7
Apt. Complexes 2.4
Mobile Homes 0.2
Other 0.7

Home Size

SIZE OF Andover HOMES
No Bedroom 0.27
1 Bedroom 3.81
2 Bedrooms 8.88
3 Bedrooms 31.99
4 Bedrooms 40.20
5 or more bedrooms 14.86

Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
26.81% 1.41% 2 3
* 10 is highest