Is Hanover, MD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover is a seller's market

Buyer's
Market

Difference Since November 2021

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.

How much do homes in Hanover, MD cost?

Median Sold Price

$503,000

$209/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$43,183(+9.4%)

Key Takeaway

Homes in Hanover have sold for 9.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $247.5K-
N/A
2 $275K$310K
+12.7%
3 $440.5K$489K
+11.0%
4 $506.5K$542.5K
+7.1%
5+ $626.2K$667.5K
+6.6%

Median Sold Price Compared To Nearby Cities

Hanover
+9.4%
Halethorpe
+9.1%
Jessup
+2.3%

How many homes are available in Hanover, MD?

Number of Homes For Sale

Oct 2022Nov 2022%
6882+20.6%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 00
0.0%
2 86
-25.0%
3 3345
+36.4%
4 2326
+13.0%
5+ 45
+25.0%

Number of Homes Sold

Oct 2022Nov 2022%
1115+36.4%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
14 Days19 Days+31.2%

Breakdown of Home Sale Times

12 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 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, MD

There are 82 homes are for sale in Hanover, MD real estate market. Between October 2022 and November 2022, Hanover, MD real estate market has seen increase in the number of listings by 20.6%. While the average time on the market in November 2022 was 19 days, the median list price was $503,000. This housing market listing prices have changed between October 2022 and November 2022: prices of 1 bedroom properties went up by 0%, the cost of 2 bedrooms properties went up by 12.7%, prices of 3 bedrooms properties increased by 11%, 4 bedrooms properties prices increased by 7.1%, 5 bedrooms properties prices increased by 6.6%. This housing market inventory have changed: 1 bedroom homes inventory did not change, number of 2 bedrooms homes decreased by 25%, number of 3 bedrooms homes increased by 36.4%, 4 bedrooms homes became 13% more available, the quantity of 5 bedrooms homes went up by 25%. In November 2022, from all listings sold in Hanover, MD there were more than 3 sold above asking price, over 7 sold below and more than 5 were sold right at the asked price.

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