Andover, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Andover Neighborhoods Since 2000




Andover, MA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Andover Housing Market Information

With a population of 35,299, 12,174 total housing units (homes and apartments), and a median house value of $656,180, 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 71.06% of the town's housing units. Other types of housing that are prevalent in Andover include large apartment complexes or high rise apartments ( 18.30%), duplexes, homes converted to apartments or other small apartment buildings ( 6.52%), and a few row houses and other attached homes ( 3.97%).

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 76.76% of Andover's homes, and 65.90% 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 ( 31.31%). A lesser amount of the housing stock also hails from before 1939 ( 24.76%). There's also some housing in Andover built between 2000 and later ( 8.22%).

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 7.96%, which ranks in the top 40% nationwide. This equates to an annual average Andover house appreciation rate of 0.77%.

NeighborhoodScout's data show that during the latest twelve months, Andover's appreciation rate, at 3.15%, has been at or slightly above the national average. In the latest quarter, Andover's appreciation rate has been 1.07%, which annualizes to a rate of 4.36%.

Relative to Massachusetts, our data show that Andover's latest annual appreciation rate is lower than 70% 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:
$656,180

Andover, MA HOME PRICES

Value Range
> $1,121,000 6.7
$841,001 - $1,121,000 13.7
$560,001 - $841,000 38.4
$448,001 - $560,000 19.8
$336,001 - $448,000 9.9
$224,001 - $336,000 2.9
$112,001 - $224,000 5.7
$56,001 - $112,000 0.9
$0 - $56,000 1.9

Very High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
3.09973045822102 11.2179487179487

Number Of Homes And Apartments:
12,174

Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
41.63% 2.04% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,003 / per month

Homeownership Rate

Homeownership
Owners 76.76
Renters 23.24
Vacant 4.87

Housing Market Details

 

Age of Homes

AGE OF Andover HOMES
2000 or Newer 8.2
1970 - 1999 35.7
1940 - 1969 31.3
1939 or Older 24.8

Types of Homes

TYPE OF Andover HOMES
Single-Family 71.1
Townhomes 4.0
Small Apt. Buildings 6.5
Apt. Complexes 18.3
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Andover HOMES
No Bedroom 2.88
1 Bedroom 10.03
2 Bedrooms 13.19
3 Bedrooms 27.76
4 Bedrooms 38.13
5 or more bedrooms 8.00