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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Andover, NJ 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Andover, NJ Housing Market Trends

With 601 people, 279 houses or apartments, and a median cost of homes of $475,838, Andover real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Andover, accounting for 68.93% of the borough's housing units. Other types of housing that are prevalent in Andover include duplexes, homes converted to apartments or other small apartment buildings ( 22.65%), large apartment complexes or high rise apartments ( 8.09%).

The most prevalent building size and type in Andover are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 58.42% owning and 41.58% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Andover's housing was primarily built during this period, from the '40s through the '60s. A full 41.10% of the borough's housing hails from this era. Other housing ages represented in Andover include homes built before 1939 ( 39.48%) and housing constructed between 1970-1999 ( 19.42%).

Andover Home Appreciation Rates

Andover's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Andover during the period has been just 4.94%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Andover's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Andover's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.

Relative to New Jersey, our data show that Andover's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$475,838

Andover Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,951 / per month

Homeownership Rate

Owners
Renters
58.4%
58.4%
41.6%
41.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.7%
9.7%
90.3%
90.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
0.0%
0.0%
19.4%
19.4%
41.1%
41.1%
39.5%
39.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.9%
68.9%
0.3%
0.3%
22.7%
22.7%
8.1%
8.1%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.6%
2.6%
14.9%
14.9%
19.4%
19.4%
38.2%
38.2%
22.0%
22.0%
2.9%
2.9%
0% 100.0%
% of Homes