Is Andover, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Andover is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Andover has remained a Seller's Market.

Key Takeaway

Andover is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Andover, MN

How much do homes in Andover, MN cost?

Median Sold Price

$450,000

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$15,000(+3.4%)

Key Takeaway

Homes in Andover have sold for 3.4% more than they did a year ago.

Summary: The median home sold price in Andover was $450,000 in September 2024, up 3.4% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $184K-
N/A
2 $353K$380K
+7.6%
3 $400K$374.2K
-6.4%
4 $446.6K$485K
+8.6%
5+ $571.7K$550K
-3.8%

Summary: Andover housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.6%, 3 bedroom homes decreased by 6.4%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes decreased by 3.8%.

Median Sold Price Compared To Nearby Cities

Ham Lake
+13.0%
Oak Grove
+5.5%
Andover
+3.4%
Ramsey
0.1%
Anoka
-0.5%

Housing Supply in Andover, MN

How many homes are available in Andover, MN?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
190207+8.9%

Summary: The Andover real estate market had 207 homes for sale in September 2024, a 8.9% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 11
0.0%
2 66
0.0%
3 5868
+17.2%
4 8491
+8.3%
5+ 4141
0.0%

Summary: The Andover housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
4440-9.1%

Asking Price vs. Sold Price

21 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Andover, you may be able to get a good deal. 52.5% of homes here sold below asking price last month.

Summary: A total of 40 homes were sold or pending in Andover in September 2024, down by 9.1% month-over-month. Of the 40 sold homes, 53% were sold under asking, 25% were sold at asking, and 23% were sold over asking.

Days on Market for Andover, MN

How long does it take to sell a home in Andover, MN?

Average Sale Time

Sep 2023Sep 2024CHANGE
25 Days28 Days+9.5%

Summary: Homes in Andover had an average of 28 days on market in Sep 2024, up by 9.5% compared to last year.

Breakdown of Home Sale Times

25 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Andover are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 40 homes were sold in Andover; 63% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 13 Days Ago

Newest Listings in Andover, MN

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