Andover, MN 55304 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Andover, MN—55304

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$445,000

3.4% YoY Growth

Household Income

$127,000

22.6% YoY Growth

Days on Market

9.0% Shorter YoY

Home Price Forecast

-0.3%

Median Rent

$2,900

8.5% YoY Growth

1-Bed Rent

$2,050

N/A

2-Bed Rent

$1,900

17.3% YoY Growth

3-Bed Rent

$2,250

8.5% YoY Growth

Home Price Trends — Andover, MN

As of Dec '25, the median home price in Andover, MN is $445,000, with a year-over-year change of 3.4%. This indicates that home prices in Andover, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$445,000	3.4%
Single Family	$446,000	3.2%
Condos	$241,000	3.4%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Andover, MN

As of July '25, Rentcast reports the average rent in Andover, MN is $3,070, with a year-over-year rent change of 8.5%. Per bedroom, the median rent as of July '25 in Andover, MN is 1-bedrooms: $2,050, 2-bedrooms: $1,900, 3-bedrooms: $2,570, 4-bedrooms: $3,080. The most common rental property sizes in Andover, MN are 3-bedroom and 1-bedroom, accounting for 30.4% and 25.6% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,900	$3,070
Studio Rent	N/A	N/A
1 Bed Rent	$2,050	$2,050
2 Bed Rent	$1,900	$1,900
3 Bed Rent	$2,250	$2,570
4 Bed Rent	$3,000	$3,080

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% of Rental Stock

1 Bedroom

25.6%

2 Bedrooms

23.0%

3 Bedrooms

30.4%

4 Bedrooms

16.4%

5+ Bedrooms

4.6%

Property Listings — Andover, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in Andover, MN is 53. This is a decrease of -19.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$665,000	10.0%
Listing Count	123	0.0%
Listings as % of Homes	0.7%	0.0%
Days on Market	63	-9.0%

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Demographics — Andover, MN

As of the latest ACS Survey released in 2023, Andover, MN has a population of 49,500, which has remained stable by 1.0% over the past 5 years. Andover, MN is a moderately popular place for families, as children make up 25.0% of the population. The area has a moderately educated workforce, with 37.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.0% reporting working from home.

Metric	Latest Census	YoY % Change
Population	49,500	1.0%
% Under 18	25.0%	-4.9%
% Seniors	15.6%	33.3%
% WFH	16.0%	213.7%
% w/ College Degree	37.1%	4.5%

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As of the latest ACS Survey released in 2023, Andover, MN is a predominantly white area, with 88.2% of the population identifying as white. The white population has shrunk by 1.6% in the last 5 years. The second most common race or ethnicity in Andover, MN is black, making up 3.2% of the population. Foreign-born residents account for 4.6% of the population in Andover, MN, and this percentage has increased by 24.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	88.2%	-1.6%
% Black	3.2%	28.0%
% Hispanic	2.1%	-19.2%
% Asian	3.2%	14.3%
% Foreign Born	4.6%	24.3%

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Mortgage and Risk — Andover, MN

According to HUD data as of 2023, there were 597 mortgage originations in Andover, MN, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Andover, MN. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	597
% Conventional Loans	90.0%
% Government Loans	10.0%
% Investor Loans	1.0%
% Second Loans	0.0%
% Cash Out Refinance	9.0%

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Rentals and Section 8 — Andover, MN

As of 2024, the percent of homes in Andover, MN under the Section 8 program is 5.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Andover, MN, because HUD payments exceed market rent, while 1-bedroom units do not.

Section 8 Market Size

Total Units under HUD	57
Total Units Section 8	57
% Rentals under Section 8	5.9%
% Occupied Section 8	95.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$290	$2,050	$1,760
2 Bedroom	$250	$1,900	$2,150
3 Bedroom	$610	$2,250	$2,860
4 Bedroom	$210	$3,000	$3,210

Andover, MN—55304

Key Metrics at a Glance

Home Price Trends — Andover, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Andover, MN

% of Rental Stock

Property Listings — Andover, MN

Demographics — Andover, MN

Race and Ethnicity

Mortgage and Risk — Andover, MN

Mortgages

Rentals and Section 8 — Andover, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Andover, MN

Home Price to Income Ratio

Andover, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Coon Rapids, MN

Oak Grove, MN

Blaine, MN

Coon Rapids, MN

Blaine, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.3
Median Home Price	$445,000
Median Household Income	$127,000

Andover, MN—55304

Key Metrics at a Glance

Home Price Trends — Andover, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Andover, MN

% of Rental Stock

Property Listings — Andover, MN

Demographics — Andover, MN

Race and Ethnicity

Mortgage and Risk — Andover, MN

Mortgages

Rentals and Section 8 — Andover, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Andover, MN

Home Price to Income Ratio

Andover, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Coon Rapids, MN

Oak Grove, MN

Blaine, MN

Coon Rapids, MN

Blaine, MN

Frequently Asked Questions

What is the average home price in Andover, MN 55304?

How have home prices in Andover, MN 55304 changed over the past year?

What is the home price projection for Andover, MN 55304?

What are the demographics of Andover, MN 55304?

How long does it take homes to sell in Andover, MN 55304?

What is the average rent price in Andover, MN 55304?