Andover, Massachusetts, a picturesque town known for its rich history and excellent schools, has long been a desirable location for homebuyers. As we approach the end of 2024, it's essential to understand the current housing market trends in Andover to make informed decisions.

Current Market Overview

As of October 2024, the Andover housing market remains competitive. Homes in Andover receive an average of three offers and sell in approximately 21 days. The median sale price of a home in Andover was $865,000, reflecting a 1.2% increase compared to the previous year.

Factors Influencing the Market

Several key factors are shaping the Andover housing market:

  • Interest Rates: Current mortgage rates are influencing buyer affordability and demand.

  • Inventory Levels: The number of homes available for sale affects competition and pricing.

  • Economic Conditions: Local economic growth and employment rates impact housing demand.

Market Forecast for 2025

Looking ahead to 2025, experts anticipate the following trends in Andover's housing market:

  • Stable Home Prices: While modest growth is expected, home prices are likely to remain relatively stable, making it a favorable market for both buyers and sellers.

  • Increased Inventory: An anticipated rise in housing inventory may provide more options for prospective buyers.

  • Continued Demand: Andover's reputation for quality education and community amenities is expected to sustain strong demand for housing.

Tips for Buyers

If you're considering purchasing a home in Andover:

  • Stay Informed: Keep abreast of market trends and interest rates to make timely decisions.

  • Get Pre-Approved: Secure mortgage pre-approval to enhance your competitiveness in a competitive market.

  • Work with a Local Agent: Partner with a real estate agent familiar with Andover to navigate the market effectively.

Tips for Sellers

For those looking to sell:

  • Price Strategically: Set a competitive price based on current market conditions to attract potential buyers.

  • Enhance Curb Appeal: Invest in home improvements that increase the property's appeal.

  • Market Effectively: Utilize professional photography and online listings to reach a broader audience.

The Andover housing market in 2024 has demonstrated resilience and stability. Whether you're buying or selling, understanding these trends and preparing accordingly can lead to successful outcomes.

Are you planning to buy or sell in Andover? Share your experiences or ask questions in the comments below!

Matt Witte strives to be the best realtor in Andover MA.

Any questions about real estate, reach out to Matt Witte Andover Realtor MA