Andover, Minnesota, has experienced steady economic growth, reflecting its appeal as a thriving suburban community. With a population of approximately 34,087 residents, the city has seen a 4.39% increase since 2020, indicating a consistent upward trend.
Housing Market Trends
The housing market in Andover remains robust. As of May 31, 2026, the average home value stands at $446,854, marking a 2.1% increase over the past year. Homes typically go pending in around 15 days, showcasing a dynamic real estate environment.
Local Business Environment
Andover’s business landscape is diverse, encompassing sectors such as healthcare, retail trade, manufacturing, and education. The city is home to numerous small businesses and entrepreneurs, contributing to its vibrant economy. Notably, the Andover Downtown Center along Bunker Lake Boulevard serves as a commercial hub, featuring both national retailers and locally owned shops.
Economic Development Initiatives
The city’s Economic Development Department is committed to fostering a supportive business climate. Their goals include stimulating business growth, marketing Andover as a prime location for enterprises, and promoting thriving commercial and industrial districts. These efforts aim to maintain a diversified and prosperous economic base.
Community Demographics
Andover boasts a well-educated workforce, with over 96% of adults having at least a high school diploma and about 35% holding a bachelor’s degree or higher. The median household income is approximately $137,593, significantly higher than the national average, reflecting the community’s affluence and economic stability.
In summary, Andover’s economic landscape is characterized by steady growth, a diverse business environment, and proactive development initiatives, making it an attractive destination for residents and businesses alike.