Andover Real Estate Median Estimated Home Values
The median home values in the Andover, MA Real Estate market for single family homes continues to show signs of stabilizing and trending upward according to the Realtors Property Resource. Over the last ten years the median price for a single family home in Andover, MA has increased by 27%. However, our market reached its peak in 2005 when the median price for a single family home was $597,000. At the end of 2011, it was $515,000 representing a 14% decrease from our market high. Last years the 2011 median price was nearly equivalent to the 2003 median price. It is apparent that Andover Real Estate Market has remained relative stable the last 4 years as exhibited by the following median prices of $530K for 2008, $525K for 2009, $521K for 2010 and $515 for 2011. Other markets surrounding Andover, MA have experienced greater depreciation.
It is clear that the housing market in the United States will not recover and once again begin to appreciate until the unemployment rate is significantly reduced back to the 5% to 6% range. With that said, there has never been a better time to buy property in my lifetime than now since median prices are at 2003 levels and we are experiencing record low interest rates.During the Carter Administration, we experienced the other end of the interest rate spectrum with rates peaking between 16% to 18%.
In 2011 in our local Andover real estate market, there were 61 homes sold in $500K to $599K range representing the greatest number of transactions. In contrast their were 14 houses over $1M sold for all of 2011. For more information on The Andovers and surrounding communities in Massachusetts on the North Shore call me Kathy Cyrier, Broker Associate, Prudential Howe & Doherty Realtors at Kathy Cyrier’s Email or 978-852-5811.
If you would like the complete 2011 Andover Single Family Home Sales Market Report, then click on the this link to download.
2011 Andover SF Market Report
