Home Prices in Andover, MN have peaked much like the rest of the Twin Cities Housing Market in 2006. The Median Sale Price in Andover peaked at about $300,000 in 2006 and has fallen 34% since then. Homes have depreciated about 18% since 2002.
Right now the Median Sale Price in Andover is trending flat and has been since about April, which also about when inventory levels in Andover started to drop dramatically. The Absorption Rate is at 7.14 Months of Inventory, which is a Balanced Market and is now trending out of a Balanced Market into a possible Seller's Market. However, some caution is advised since inventory level typically increase greatly in the first three to four months of the Spring Market in Minnesota.
Much like the rest of the Twin Cities Area Andover may also see a sustainable Balanced Market going into 2012.
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