Andover, MN—55304
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Andover, MN
As of Oct '25, the median home price in Andover, MN is $449,000, 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 -0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $449,000 | 3.4% |
| Single Family | $451,000 | 3.7% |
| Condos | $246,000 | 2.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $354,000 | 3.5% |
3 Bed | $407,000 | 3.8% |
4 Bed | $473,000 | 3.5% |
| 5 Bed | $550,000 | 3.0% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Andover, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Andover, MN is 38. This is a decrease of -11.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $625,000 | 4.0% |
Listing Count | 176 | 13.0% |
| Listings as % of Homes | 0.7% | 13.0% |
Days on Market | 38 | -11.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Andover, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $449,000 |
| Median Household Income | $127,000 |