Is Andover, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Andover has remained a Seller's Market.
Key Takeaway
Andover is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Andover, MA
How much do homes in Andover, MA cost?
Median Sold Price
$871,666
$369/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Andover have sold for 2.5% more than they did a year ago.
Summary: The median home sold price in Andover was $871,666 in May 2024, up 2.5% from last year, and the median price per square foot was $369.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $302K | $325K | +7.6% |
| 2 Bedrooms | $417.5K | $448.5K | +7.4% |
| 3 Bedrooms | $739.9K | $737K | -0.4% |
| 4 Bedrooms | $972.5K | $1.1M | +13.1% |
| 5+ Bedrooms | $1.2M | $1.3M | +5.7% |
Summary: Andover housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.6%, 2 bedroom homes increased by 7.4%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 5.7%.
Median Sold Price Compared To Nearby Cities
| Tewksbury | $576.6K | $607K | +5.3% |
| Wilmington | $669.9K | $700K | +4.5% |
| Lawrence | $500K | $520K | +4.0% |
| North Andover | $687K | $712.5K | +3.7% |
| Andover | $850.3K | $871.6K | +2.5% |
Housing Supply in Andover, MA
How many homes are available in Andover, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 105 | 139 | +32.4% |
Summary: The Andover real estate market had 139 homes for sale in May 2024, a 32.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 10 | -28.6% |
| 2 Bedrooms | 10 | 14 | +40.0% |
| 3 Bedrooms | 20 | 29 | +45.0% |
| 4 Bedrooms | 41 | 55 | +34.1% |
| 5+ Bedrooms | 20 | 31 | +55.0% |
Summary: The Andover housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 45%, 4 bedroom homes increased by 34.1%, and 5+ bedroom homes increased by 55%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 38 | +111.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Andover, you could pay more than the asking price. 73.7% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Andover in May 2024, up by 111.1% month-over-month. Of the 38 sold homes, 21% were sold under asking, 5% were sold at asking, and 74% were sold over asking.
Days on Market for Andover, MA
How long does it take to sell a home in Andover, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 26 Days | +13.2% |
Summary: Homes in Andover had an average of 26 days on market in May 2024, up by 13.2% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Andover are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 38 homes were sold in Andover; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
© Copyright 2024 PrimeMLS, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this display comes in part from the IDX Program of PrimeMLS. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.