North Andover, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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North 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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

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

North Andover Housing Market Information

With 30,628 people, 10,900 houses or apartments, and a median cost of homes of $410,382, 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 54.28% of the town's housing units. Other types of housing that are prevalent in North Andover include large apartment complexes or high rise apartments ( 23.22%), duplexes, homes converted to apartments or other small apartment buildings ( 12.96%), and a few row houses and other attached homes ( 9.53%).

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 70.31% of North Andover's homes, and 58.05% 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 ( 25.59%). A lesser amount of the housing stock also hails from before 1939 ( 18.31%). There's also some housing in North Andover built between 2000 and later ( 11.53%).

North Andover Home Appreciation Rates

Appreciation rates for homes in North 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 12.73%, which ranks in the top 40% nationwide. This equates to an annual average North Andover house appreciation rate of 1.21%.

Appreciation rates are so strong in North Andover that despite a nationwide downturn in the housing market, North Andover real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Andover appreciation rates continue to be some of the highest in America, at 7.37%, which is higher than appreciation rates in 71.66% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Andover. North Andover appreciation rates in the latest quarter were at 1.28%, which equates to an annual appreciation rate of 5.22%.

Relative to Massachusetts, our data show that North Andover's latest annual appreciation rate is higher 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 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:
$410,382

North Andover, MA HOME PRICES

Value Range
> $1,185,600 1.2
$889,374 - $1,185,600 7.2
$593,148 - $889,373 29.3
$474,273 - $593,147 15.4
$355,777 - $474,272 20.4
$236,903 - $355,776 13.3
$118,875 - $236,902 11.6
$59,326 - $118,874 0.4
$0 - $59,325 1.3

Average for MA
Very High for Nation

Value Relative to Nation Value Relative to State
9.92700729927007 45.5128205128205

Number Of Homes And Apartments:
10,900

North Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
43.96% 2.02%
2
4
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$2,394 / per month

Homeownership Rate

Homeownership
Owners 70.31
Renters 29.69
Vacant 5.96

Housing Market Details

 

Age of Homes

AGE OF North Andover HOMES
2000 or Newer 11.5
1970 - 1999 44.6
1940 - 1969 25.6
1939 or Older 18.3

Types of Homes

TYPE OF North Andover HOMES
Single-Family 54.3
Townhomes 9.5
Small Apt. Buildings 13.0
Apt. Complexes 23.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF North Andover HOMES
No Bedroom 1.09
1 Bedroom 9.33
2 Bedrooms 26.41
3 Bedrooms 29.22
4 Bedrooms 28.82
5 or more bedrooms 5.12