Andover, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Andover Neighborhoods Since 2000




Andover, NJ 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 581, 273 total housing units (homes and apartments), and a median house value of $300,205, 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 75.42% 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 ( 14.29%), large apartment complexes or high rise apartments ( 6.98%), and a few row houses and other attached homes ( 3.32%).

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 76.92% of Andover's homes, and 61.79% have either three or four bedrooms, which is average sized relative to America.

The housing in Andover was primarily built before 1939 ( 51.50%), making the housing stock in Andover some of the oldest overall in America, although there is a range of ages of homes in Andover. The next most important housing age is between 1940-1969 ( 25.91%), followed by between 1970-1999 ( 19.60%). There's also some housing in Andover built between 2000 and later ( 2.99%).

Andover Home Appreciation Rates

Homes have actually lost value in Andover over the last then years, as home values have seen a decline of 26.85% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Andover home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

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 0.31%, 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 0.66%, which equates to an annual appreciation rate of 2.68%.

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

Average Home Values

 

Median Home Value:
$300,205

Andover, NJ HOME PRICES

Value Range
> $996,000 1.3
$747,001 - $996,000 0.2
$498,001 - $747,000 5.2
$399,001 - $498,000 13.7
$299,001 - $399,000 28.3
$199,001 - $299,000 32.5
$100,001 - $199,000 18.2
$50,001 - $100,000 0.0
$0 - $50,000 0.6

Low for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
16.2779796085785 63.0081300813008

Number Of Homes And Apartments:
273

Andover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
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
23.50% 1.23% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,177 / per month

Homeownership Rate

Homeownership
Owners 76.92
Renters 23.08
Vacant 9.30

Housing Market Details

 

Age of Homes

AGE OF Andover HOMES
2000 or Newer 3.0
1970 - 1999 19.6
1940 - 1969 25.9
1939 or Older 51.5

Types of Homes

TYPE OF Andover HOMES
Single-Family 75.4
Townhomes 3.3
Small Apt. Buildings 14.3
Apt. Complexes 7.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Andover HOMES
No Bedroom 1.66
1 Bedroom 9.63
2 Bedrooms 22.59
3 Bedrooms 38.87
4 Bedrooms 22.92
5 or more bedrooms 4.32