The cost of a single-family home in Andover, Massachusetts, soared double digits during the first four months of the year, outpacing neighboring North Andover, Massachusetts, according to a sales analysis by the Massachusetts Association of Realtors.
The median house price in Andover jumped 13 percent to more than $1 million from January through April, while prices in North Andover dipped nearly 5 percent to $764,000 year-over-year.
The Essex County towns saw significant median price increases in April compared to April 2023. Andover home prices rose 12 percent to more than $949,000, while North Andover's median price jumped 18 percent to $945,000.
Unlike other Greater Boston real estate markets, the housing inventory in Andover and North Andover increased, a positive development for home buyers who could afford the pricey towns. Andover's single-family supply rose 22 percent in April, and 9 percent more condominiums were available compared to April 2023. North Andover had 14 percent more houses and 120 percent more condos.
Despite the inventory improvement, both towns only had a one- to two-month supply of homes. About five to six months of inventory is considered a balanced market for home buyers and sellers.
The following detailed data was compiled by MAR, comparing the Andover and North Andover real estate markets.
Year-to-Date Data Comparison (January through April)
Single-Family Properties
- Closed Sales
- Andover: 40 in 2024, up from 36 in 2023 (+11.1 percent)
- North Andover: 28 in 2024, down from 31 in 2023 (-9.7 percent)
- Median Sales Price
- Andover: $1,026,610 in 2024, up from $908,500 in 2023 (+13.0 percent)
- North Andover: $764,000 in 2024, down from $799,900 in 2023 (-4.5 percent)
- New Listings
- Andover: 90 in 2024, up from 68 in 2023 (+32.4 percent)
- North Andover: 52 in 2024, up from 51 in 2023 (+2.0 percent)
- Percent of Original List Price Received
- Andover: 100.1 percent in 2024, up from 99.5 percent in 2023 (+0.6 percent on average)
- North Andover: 102.3 percent in 2024, up from 100.9 percent in 2023 (+1.4 percent on average)
Condominium Properties
- Closed Sales
- Andover: 16 in 2024, down from 22 in 2023 (-27.3 percent)
- North Andover: 33 in 2024, down from 34 in 2023 (-2.9 percent)
- Median Sales Price
- Andover: $377,500 in 2024, up from $376,000 in 2023 (+0.4 percent)
- North Andover: $430,000 in 2024, up from $402,300 in 2023 (+6.9 percent)
- New Listings
- Andover: 35 in 2024, up from 34 in 2023 (+2.9 percent)
- North Andover: 49 in 2024, up from 40 in 2023 (+22.5 percent)
- Percent of Original List Price Received
- Andover: 102.4 percent in 2024, up from 101.8 percent in 2023 (+0.6 percent on average)
- North Andover: 100.3 percent in 2024, down from 102.1 percent in 2023 (-1.8 percent on average)
April Data Comparison
Single-Family Properties
- Closed Sales
- Andover: 10 in April 2024, down from 11 in April 2023 (-9.1 percent)
- North Andover: 9 in April 2024, down from 11 in April 2023 (-18.2 percent)
- Median Sales Price
- Andover: $949,110 in April 2024, up from $847,000 in April 2023 (+12.1 percent)
- North Andover: $945,000 in April 2024, up from $799,900 in April 2023 (+18.1 percent)
- Percent of Original List Price Received
- Andover: 106.4 percent in April 2024, up from 104.5 percent in April 2023 (+1.8 percent on average)
- North Andover: 103.0 percent in April 2024, up from 100.8 percent in April 2023 (+2.2 percent on average)
- Inventory of Homes for Sale
- Andover: 33 in April 2024, up from 27 in April 2023 (+22.2 percent)
- North Andover: 16 in April 2024, up from 14 in April 2023 (+14.3 percent)
Condominium Properties
- Closed Sales
- Andover: 7 in April 2024, up from 5 in April 2023 (+40.0 percent)
- North Andover: 16 in April 2024, up from 5 in April 2023 (+220.0 percent)
- Median Sales Price
- Andover: $400,000 in April 2024, up from $285,000 in April 2023 (+40.4 percent)
- North Andover: $430,000 in April 2024, up from $350,000 in April 2023 (+22.9 percent)
- Percent of Original List Price Received
- Andover: 100.3 percent in April 2024, down from 105.6 percent in April 2023 (-5.0 percent on average)
- North Andover: 100.1 percent in April 2024, down from 102.5 percent in April 2023 (-2.3 percent on average)
- Inventory of Homes for Sale
- Andover: 12 in April 2024, up from 11 in April 2023 (+9.1 percent)
- North Andover: 11 in April 2024, up from 5 in April 2023 (+120.0 percent)
For more real estate market data, visit the "Real Estate Market" section of our blog.