Is North 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, North Andover has remained a Seller's Market.
Key Takeaway
North Andover is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in North Andover, MA
How much do homes in North Andover, MA cost?
Median Sold Price
$712,500
$332/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in North Andover have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in North Andover was $712,500 in May 2024, up 3.7% from last year, and the median price per square foot was $332.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $240K | $263.5K | +9.8% |
| 2 Bedrooms | $400K | $430K | +7.5% |
| 3 Bedrooms | $628.7K | $640K | +1.8% |
| 4 Bedrooms | $925K | $950K | +2.7% |
| 5+ Bedrooms | $962.5K | $1.1M | +16.9% |
Summary: North Andover housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.8%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 16.9%.
Median Sold Price Compared To Nearby Cities
| Methuen | $512.7K | $549.7K | +7.2% |
| Methuen Town | $514K | $549.7K | +6.9% |
| Lawrence | $500K | $520K | +4.0% |
| North Andover | $687K | $712.5K | +3.7% |
| Boxford | $899.9K | $927K | +3.0% |
Housing Supply in North Andover, MA
How many homes are available in North Andover, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 79 | 95 | +20.3% |
Summary: The North Andover real estate market had 95 homes for sale in May 2024, a 20.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 23 | 23 | 0.0% |
| 3 Bedrooms | 27 | 30 | +11.1% |
| 4 Bedrooms | 25 | 34 | +36.0% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The North Andover housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 36%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 23 | 0.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North Andover, you could pay more than the asking price. 78.3% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in North Andover in May 2024, the same as the previous month. Of the 23 sold homes, 17% were sold under asking, 4% were sold at asking, and 78% were sold over asking.
Days on Market for North Andover, MA
How long does it take to sell a home in North Andover, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 24 Days | +42.1% |
Summary: Homes in North Andover had an average of 24 days on market in May 2024, up by 42.1% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in North Andover are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 23 homes were sold in North Andover; 78% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
