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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover Township is a seller's market

Buyer's
Market

Difference Since July 2021

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

Key Takeaway

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

How much do homes in Hanover Township, IL cost?

Median Sold Price

$265,520

$168/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$28,462(+12.0%)

Key Takeaway

Homes in Hanover Township have sold for 12% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $125K$139K
+11.2%
2 $186.3K$209.4K
+12.4%
3 $240.1K$272.4K
+13.4%
4 $340K$392.5K
+15.4%
5+ $411K$490.5K
+19.3%

Median Sold Price Compared To Nearby Cities

Hanover Township
+12.0%
Bartlett
+10.8%
Hoffman Estates
+10.2%
Streamwood
+9.7%
Hanover Park
+7.1%

How many homes are available in Hanover Township, IL?

Number of Homes For Sale

Jun 2022Jul 2022%
498474-4.8%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 88
0.0%
2 137122
-10.9%
3 215218
+1.4%
4 109100
-8.3%
5+ 2926
-10.3%

Number of Homes Sold

Jun 2022Jul 2022%
176128-27.3%

Asking Price vs. Sold Price

25 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

87 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover Township, you could pay more than the asking price. 68% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
10 Days13 Days+23.3%

Breakdown of Home Sale Times

118 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

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

About Hanover Township, IL

Hanover Township, IL has 474 homes on the market. The inventory of homes for sale in Hanover Township, IL between June 2022 and July 2022 decreased by 4.8%. While the average time on the market in July 2022 was 13 days, the median list price was $265,520. Real estate listing prices changed between June 2022 and July 2022: the cost of 1 bedroom properties went up by 11.2%, 2 bedrooms properties prices increased by 12.4%, the cost of 3 bedrooms properties went up by 13.4%, 4 bedrooms properties prices increased by 15.4%, prices of 5 bedrooms properties went up by 19.3%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes have not changed, 2 bedrooms homes inventory decreased by 10.9%, 3 bedrooms homes inventory increased by 1.4%, 4 bedrooms homes became 8.3% less available, 5 bedrooms homes became 10.3% less available. In July 2022, from all listings sold in Hanover Township, IL there were more than 87 sold above asking price, over 25 sold below and more than 16 were sold right at the asked price.

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