Is Hanover, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Hanover was a Neutral Market.
Key Takeaway
Hanover is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hanover, MI
How much do homes in Hanover, MI cost?
Median Sold Price
$200,000
$177/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Hanover have sold for 8.2% more than they did a month ago.
Summary: The median home sold price in Hanover was $200,000 in May 2024, up 8.2% from last month, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $184.9K | $163.8K | -11.4% |
| 3 Bedrooms | - | $450K | N/A |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Hanover housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 11.4%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Hanover, MI
How many homes are available in Hanover, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 6 | 0.0% |
Summary: The Hanover real estate market had 6 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 1 | 2 | +100.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 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 decreased by 33.3%, 3 bedroom homes increased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in Hanover in May 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 67% were sold at asking, and 0% were sold over asking.
Days on Market for Hanover, MI
How long does it take to sell a home in Hanover, MI?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 57 Days | 93 Days | +64.3% |
Summary: Homes in Hanover had an average of 93 days on market in May 2024, up by 64.3% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Hanover are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 3 homes were sold in Hanover; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 67% of homes were sold over 90 days.
