Is Hanover, MD 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, Hanover has remained a Seller's Market.
Key Takeaway
Hanover is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hanover, MD
How much do homes in Hanover, MD cost?
Median Sold Price
$525,000
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hanover have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Hanover was $525,000 in May 2024, up 2.3% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $315K | $326.5K | +3.7% |
| 3 Bedrooms | $488.5K | $511.2K | +4.7% |
| 4 Bedrooms | $574.9K | $585K | +1.7% |
| 5+ Bedrooms | $694.9K | $675.5K | -2.8% |
Summary: Hanover housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes decreased by 2.8%.
Median Sold Price Compared To Nearby Cities
| Halethorpe | $279K | $310K | +11.1% |
| Jessup | $466.5K | $494.5K | +6.0% |
| Hanover | $513K | $525K | +2.3% |
Housing Supply in Hanover, MD
How many homes are available in Hanover, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 72 | 79 | +9.7% |
Summary: The Hanover real estate market had 79 homes for sale in May 2024, a 9.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 39 | 40 | +2.6% |
| 4 Bedrooms | 25 | 29 | +16.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Hanover housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 16%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 14 | -26.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Hanover in May 2024, down by 26.3% month-over-month. Of the 14 sold homes, 14% were sold under asking, 36% were sold at asking, and 50% were sold over asking.
Days on Market for Hanover, MD
How long does it take to sell a home in Hanover, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 12 Days | -38.5% |
Summary: Homes in Hanover had an average of 12 days on market in May 2024, down by 38.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hanover are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Hanover; 93% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
