North 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 Q2 2021. 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

North Andover, MA Housing Market Trends

With a population of 31,188, 11,112 total housing units (homes and apartments), and a median house value of $492,699, real estate costs in North Andover are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Single-family detached homes are the single most common housing type in North Andover, accounting for 52.96% of the town's housing units. Other types of housing that are prevalent in North Andover include large apartment complexes or high rise apartments ( 24.70%), duplexes, homes converted to apartments or other small apartment buildings ( 11.58%), and a few row houses and other attached homes ( 10.61%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in North Andover. Owner-occupied housing accounts for 68.56% of North Andover's homes, and 57.53% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in North 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 North Andover built between 1940-1969 ( 22.52%). A lesser amount of the housing stock also hails from before 1939 ( 16.86%). There's also some housing in North Andover built between 2000 and later ( 14.59%).

North Andover Home Appreciation Rates

Real estate appreciation rates in North Andover's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.38% during the period.

Over the last year, North Andover appreciation rates have trailed the rest of the nation. In the last twelve months, North Andover's appreciation rate has been 7.65%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in North Andover were at 3.01%, which equates to an annual appreciation rate of 12.61%.

Relative to Massachusetts, our data show that North 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 North Andover differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North 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 North Andover real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$492,699

North Andover, MA HOME PRICES

> $1,175,000
2.8%
2.8%
$882,001 - $1,175,000
8.7%
8.7%
$588,001 - $882,000
36.3%
36.3%
$471,001 - $588,000
15.7%
15.7%
$353,001 - $471,000
14.0%
14.0%
$235,001 - $353,000
11.9%
11.9%
$118,001 - $235,000
8.5%
8.5%
$59,001 - $118,000
0.6%
0.6%
$0 - $59,000
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for MA

Value Relative To Nation

Number Of Homes And Apartments:
11,112

North Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
61.83% 2.26%
1
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,178 / per month

Homeownership Rate

Owners
68.6%
68.6%
Renters
31.4%
31.4%
Vacant
5.5%
5.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.6%
14.6%
1970 - 1999
46.0%
46.0%
1940 - 1969
22.5%
22.5%
1939 or Older
16.9%
16.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
53.0%
53.0%
Townhomes
10.6%
10.6%
Small Apt. Buildings
11.6%
11.6%
Apt. Complexes
24.7%
24.7%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
10.0%
10.0%
2 Bedrooms
25.7%
25.7%
3 Bedrooms
29.4%
29.4%
4 Bedrooms
28.1%
28.1%
5 or more bedrooms
5.7%
5.7%
0.0% 100.0%
% OF HOMES