Is Hanover, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Hanover has remained a Seller's Market.
Key Takeaway
Hanover is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hanover, MA
How much do homes in Hanover, MA cost?
Median Sold Price
$753,000
$356/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Hanover have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in Hanover was $753,000 in March 2024, up 7.6% from last year, and the median price per square foot was $356.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $635K | $522.5K | -17.7% |
| 3 Bedrooms | $630.9K | $682.5K | +8.2% |
| 4 Bedrooms | $898K | $866.7K | -3.5% |
| 5+ Bedrooms | $1.1M | $979.9K | -14.0% |
Summary: Hanover housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 17.7%, 3 bedroom homes increased by 8.2%, 4 bedroom homes decreased by 3.5%, and 5+ bedroom homes decreased by 14%.
Housing Supply in Hanover, MA
How many homes are available in Hanover, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 27 | 29 | +7.4% |
Summary: The Hanover real estate market had 29 homes for sale in March 2024, a 7.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 17 | 17 | 0.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Hanover 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 12 | +200.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Hanover in March 2024, up by 200.0% month-over-month. Of the 12 sold homes, 25% were sold under asking, 8% were sold at asking, and 67% were sold over asking.
Days on Market for Hanover, MA
How long does it take to sell a home in Hanover, MA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 63 Days | 32 Days | -47.9% |
Summary: Homes in Hanover had an average of 32 days on market in Mar 2024, down by 47.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Hanover are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Hanover; 67% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
