The median home price in Andover was $917,500 in July, up 24 percent from the same month last year and 43 percent from the July 2017 median home price of $639,950, according to data compiled by Buyers Brokers Only LLC.
At the same time, housing inventory, or the number of homes available for purchase, has continued to decline. There were 181 single-family home sales during the first seven months of the year, down 11 percent from 204 during the first seven months of 2021. Condominium sales were also down during the same period, falling 26 percent to 67 during the first seven months of 2022.
The median condo price was $417,500 in July, down five percent from last year but up 45 percent from $288,500 in July 2017. Home and condo buyers paid an average of 105 percent of the listing prices for sales in July.