Andover, MA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Andover, MA Housing Market Trends

With 36,356 people, 12,801 houses or apartments, and a median cost of homes of $692,983, Andover house prices are not only among the most expensive in Massachusetts, Andover real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Andover, accounting for 72.05% of the town's housing units. Other types of housing that are prevalent in Andover include large apartment complexes or high rise apartments ( 19.01%), duplexes, homes converted to apartments or other small apartment buildings ( 5.18%), and a few row houses and other attached homes ( 3.77%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Andover. Owner-occupied housing accounts for 77.72% of Andover's homes, and 65.19% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Andover built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Andover built between 1940-1969 ( 29.91%). A lesser amount of the housing stock also hails from before 1939 ( 22.57%). There's also some housing in Andover built between 2000 and later ( 12.22%).

Andover Home Appreciation Rates

Appreciation rates for homes in Andover have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 34.17%, which ranks in the top 50% nationwide. This equates to an annual average Andover house appreciation rate of 2.98%.

Over the last year, Andover appreciation rates have trailed the rest of the nation. In the last twelve months, Andover's appreciation rate has been 5.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Andover were at 2.09%, which equates to an annual appreciation rate of 8.63%.

Relative to Massachusetts, our data show that Andover's latest annual appreciation rate is lower than 80% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Andover differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Andover - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Andover real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$692,983

Andover, MA HOME PRICES

> $1,129,000
8.0%
8.0%
$846,001 - $1,129,000
19.0%
19.0%
$564,001 - $846,000
42.6%
42.6%
$451,001 - $564,000
13.3%
13.3%
$339,001 - $451,000
7.6%
7.6%
$226,001 - $339,000
4.3%
4.3%
$113,001 - $226,000
4.7%
4.7%
$56,001 - $113,000
0.0%
0.0%
$0 - $56,000
0.4%
0.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MA

Value Relative To Nation

Number Of Homes And Apartments:
12,801

Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
64.53% 2.40%
2
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,499 / per month

Homeownership Rate

Owners
77.7%
77.7%
Renters
22.3%
22.3%
Vacant
2.4%
2.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.2%
12.2%
1970 - 1999
35.3%
35.3%
1940 - 1969
29.9%
29.9%
1939 or Older
22.6%
22.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.0%
72.0%
Townhomes
3.8%
3.8%
Small Apt. Buildings
5.2%
5.2%
Apt. Complexes
19.0%
19.0%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
9.1%
9.1%
2 Bedrooms
16.0%
16.0%
3 Bedrooms
27.2%
27.2%
4 Bedrooms
38.0%
38.0%
5 or more bedrooms
8.2%
8.2%
0.0% 100.0%
% OF HOMES