Is Hanover Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover Park is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Hanover Park has remained a Seller's Market.

Key Takeaway

Hanover Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Hanover Park, IL

How much do homes in Hanover Park, IL cost?

Median Sold Price

$281,666

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$6,666(+2.4%)

Key Takeaway

Homes in Hanover Park have sold for 2.4% more than they did a year ago.

Summary: The median home sold price in Hanover Park was $281,666 in April 2024, up 2.4% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $151K$150K
-0.7%
2 $191K$218K
+14.1%
3 $265K$276K
+4.2%
4 $325K$347.5K
+6.9%
5+ $351.2K$375K
+6.8%

Summary: Hanover Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes increased by 14.1%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes increased by 6.8%.

Median Sold Price Compared To Nearby Cities

Streamwood
+13.5%
Wayne Township
+8.7%
Bartlett
+7.8%
Roselle
+7.5%
Hanover Park
+2.4%

Housing Supply in Hanover Park, IL

How many homes are available in Hanover Park, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
5978+32.2%

Summary: The Hanover Park real estate market had 78 homes for sale in April 2024, a 32.2% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 1117
+54.5%
3 3643
+19.4%
4 1013
+30.0%
5+ 25
+150.0%

Summary: The Hanover Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 54.5%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 150%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2220-9.1%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover Park, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in Hanover Park in April 2024, down by 9.1% month-over-month. Of the 20 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% were sold over asking.

Days on Market for Hanover Park, IL

How long does it take to sell a home in Hanover Park, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
28 Days17 Days-38.7%

Summary: Homes in Hanover Park had an average of 17 days on market in Apr 2024, down by 38.7% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Hanover Park are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 20 homes were sold in Hanover Park; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 9 Days Ago

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