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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 Q2 2024. 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 $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%).

Andover Home Appreciation Rates

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.

Average Home Values

Median Home Value

$541,593

Andover Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,102 / 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