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 March 2023

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.

Housing Prices in Hanover Township, IL

How much do homes in Hanover Township, IL cost?

Median Sold Price

$300,000

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$23,571(+8.5%)

Key Takeaway

Homes in Hanover Township have sold for 8.5% more than they did a year ago.

Summary: The median home sold price in Hanover Township was $300,000 in March 2024, up 8.5% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $148.9K$156K
+4.8%
2 $215.2K$250K
+16.1%
3 $285K$305K
+7.0%
4 $393.2K$428K
+8.9%
5+ $510K$580K
+13.7%

Summary: Hanover Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 16.1%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 13.7%.

Median Sold Price Compared To Nearby Cities

Streamwood
+11.8%
Hoffman Estates
+8.6%
Hanover Township
+8.5%
Hanover Park
+7.7%
Bartlett
+5.7%

Housing Supply in Hanover Township, IL

How many homes are available in Hanover Township, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
190221+16.3%

Summary: The Hanover Township real estate market had 221 homes for sale in March 2024, a 16.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 33
0.0%
2 4972
+46.9%
3 8489
+6.0%
4 4444
0.0%
5+ 1013
+30.0%

Summary: The Hanover Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 46.9%, 3 bedroom homes increased by 6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 30%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
7062-11.4%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

32 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. 51.6% of homes here sold above asking price last month.

Summary: A total of 62 homes were sold or pending in Hanover Township in March 2024, down by 11.4% month-over-month. Of the 62 sold homes, 26% were sold under asking, 23% were sold at asking, and 52% were sold over asking.

Days on Market for Hanover Township, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
29 Days23 Days-21.6%

Summary: Homes in Hanover Township had an average of 23 days on market in Mar 2024, down by 21.6% compared to last year.

Breakdown of Home Sale Times

50 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

4 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.

Summary: During March 2024, 62 homes were sold in Hanover Township; 81% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 6% 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 18 Days Ago

Newest Listings in Hanover Township, IL

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