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 May 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

$294,733

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$19,983(+7.3%)

Key Takeaway

Homes in Hanover Park have sold for 7.3% more than they did a year ago.

Summary: The median home sold price in Hanover Park was $294,733 in May 2024, up 7.3% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $151K$150K
-0.7%
2 $195K$220K
+12.8%
3 $265K$291K
+9.8%
4 $325K$349K
+7.4%
5+ $337.5K$392.5K
+16.3%

Summary: Hanover Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes increased by 12.8%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 16.3%.

Median Sold Price Compared To Nearby Cities

Streamwood
+13.5%
Wayne Township
+10.8%
Roselle
+8.6%
Hanover Park
+7.3%
Bartlett
+5.8%

Housing Supply in Hanover Park, IL

How many homes are available in Hanover Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7691+19.7%

Summary: The Hanover Park real estate market had 91 homes for sale in May 2024, a 19.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1316
+23.1%
3 4552
+15.6%
4 1317
+30.8%
5+ 56
+20.0%

Summary: The Hanover Park 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 23.1%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2229+31.8%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

19 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. 65.5% of homes here sold above asking price last month.

Summary: A total of 29 homes were sold or pending in Hanover Park in May 2024, up by 31.8% month-over-month. Of the 29 sold homes, 14% were sold under asking, 21% were sold at asking, and 66% 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

May 2023May 2024CHANGE
25 Days11 Days-55.3%

Summary: Homes in Hanover Park had an average of 11 days on market in May 2024, down by 55.3% compared to last year.

Breakdown of Home Sale Times

26 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were 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 May 2024, 29 homes were sold in Hanover Park; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% 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 19 Days Ago

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