Is Hanover, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Hanover has remained a Buyer's Market.
Housing Prices in Hanover, MD
How much do homes in Hanover, MD cost?
Median Sold Price
$526,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Hanover was $526,000 in February 2024, up 2.9% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $315K | $325K | +3.2% |
3 Bedrooms | $486K | $512K | +5.3% |
4 Bedrooms | $555K | $576K | +3.8% |
5+ Bedrooms | $690K | $684.9K | -0.7% |
Summary: Hanover housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes decreased by 0.7%.
Median Sold Price Compared To Nearby Cities
Jessup | $448K | $499K | +11.4% |
Halethorpe | $279.4K | $300K | +7.4% |
Hanover | $511K | $526K | +2.9% |
Housing Supply in Hanover, MD
How many homes are available in Hanover, MD?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
85 | 91 | +7.1% |
Summary: The Hanover real estate market had 91 homes for sale in February 2024, a 7.1% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 4 | 4 | 0.0% |
3 Bedrooms | 42 | 44 | +4.8% |
4 Bedrooms | 32 | 36 | +12.5% |
5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Hanover housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
9 | 9 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 9 homes were sold or pending in Hanover in February 2024, the same as the previous month. Of the 9 sold homes, 33% were sold under asking, 44% were sold at asking, and 22% were sold over asking.
Days on Market for Hanover, MD
How long does it take to sell a home in Hanover, MD?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
47 Days | 11 Days | -76.3% |
Summary: Homes in Hanover had an average of 11 days on market in Feb 2024, down by 76.3% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During February 2024, 9 homes were sold in Hanover; 78% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.