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 May 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

$304,826

$196/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$29,826(+10.8%)

Key Takeaway

Homes in Hanover Township have sold for 10.8% more than they did a year ago.

Summary: The median home sold price in Hanover Township was $304,826 in May 2024, up 10.8% from last year, and the median price per square foot was $196.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $149K$159.5K
+7.0%
2 $219K$255.9K
+16.9%
3 $282.3K$310K
+9.8%
4 $394.9K$430K
+8.9%
5+ $500K$565K
+13.0%

Summary: Hanover Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes increased by 16.9%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 13%.

Median Sold Price Compared To Nearby Cities

Streamwood
+13.5%
Hanover Township
+10.8%
Hoffman Estates
+8.6%
Hanover Park
+7.3%
Bartlett
+5.8%

Housing Supply in Hanover Township, IL

How many homes are available in Hanover Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
268296+10.4%

Summary: The Hanover Township real estate market had 296 homes for sale in May 2024, a 10.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 68
+33.3%
2 7689
+17.1%
3 116106
-8.6%
4 5371
+34.0%
5+ 1722
+29.4%

Summary: The Hanover Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 17.1%, 3 bedroom homes decreased by 8.6%, 4 bedroom homes increased by 34%, and 5+ bedroom homes increased by 29.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
9894-4.1%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

62 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. 66% of homes here sold above asking price last month.

Summary: A total of 94 homes were sold or pending in Hanover Township in May 2024, down by 4.1% month-over-month. Of the 94 sold homes, 20% were sold under asking, 14% were sold at asking, and 66% 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

May 2023May 2024CHANGE
23 Days12 Days-45.0%

Summary: Homes in Hanover Township had an average of 12 days on market in May 2024, down by 45% compared to last year.

Breakdown of Home Sale Times

84 Homes Were Sold
Under 30 Days

9 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 Township are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 94 homes were sold in Hanover Township; 89% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 1% 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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