Is Hanover, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Hanover was a Buyer'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, NY
How much do homes in Hanover, NY cost?
Median Sold Price
$155,000
$103/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hanover have sold for 3.1% less than they did a year ago.
Summary: The median home sold price in Hanover was $155,000 in May 2024, down 3.1% from last year, and the median price per square foot was $103.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $159.9K | $90K | -43.7% |
| 3 Bedrooms | $157K | $160.6K | +2.3% |
| 4 Bedrooms | $182.5K | $152.5K | -16.4% |
| 5+ Bedrooms | $182.5K | $185K | +1.4% |
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 decreased by 43.7%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 16.4%, and 5+ bedroom homes increased by 1.4%.
Median Sold Price Compared To Nearby Cities
| Silver Creek | $157K | $157K | 0.0% |
| Hanover | $159.9K | $155K | -3.1% |
| Sheridan | $232.5K | $185K | -20.4% |
Housing Supply in Hanover, NY
How many homes are available in Hanover, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 20 | -9.1% |
Summary: The Hanover real estate market had 20 homes for sale in May 2024, a 9.1% decrease 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 | 3 | 0.0% |
| 3 Bedrooms | 11 | 9 | -18.2% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 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 remained the same, 3 bedroom homes decreased by 18.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 6 | +50.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Hanover in May 2024, up by 50.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Hanover, NY
How long does it take to sell a home in Hanover, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 26 Days | +8.8% |
Summary: Homes in Hanover had an average of 26 days on market in May 2024, up by 8.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was 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, 6 homes were sold in Hanover; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
