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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 601 people, 279 houses or apartments, and a median cost of homes of $541,593, 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%).
Real estate appreciation rates in Andover's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.24% during the period.
Appreciation rates are so strong in Andover that despite a nationwide downturn in the housing market, Andover real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Andover appreciation rates continue to be some of the highest in America, at 12.18%, which is higher than appreciation rates in 94.01% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Andover. Andover appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Andover's latest annual appreciation rate is higher than 70% of the other cities and towns in New Jersey.
$541,593
$3,102 / per month