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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover is a buyer's market

Buyer's
Market

Difference Since February 2023

Since last year, Hanover has remained a Buyer's Market.

Key Takeaway

Hanover is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

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

+$15,000(+2.9%)

Key Takeaway

Homes in Hanover have sold for 2.9% more than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $315K$325K
+3.2%
3 $486K$512K
+5.3%
4 $555K$576K
+3.8%
5+ $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
+11.4%
Halethorpe
+7.4%
Hanover
+2.9%

Housing Supply in Hanover, MD

How many homes are available in Hanover, MD?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
8591+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

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 44
0.0%
3 4244
+4.8%
4 3236
+12.5%
5+ 77
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 2024Feb 2024CHANGE
990.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover, expect to pay close to the asking price. 44.4% of homes here sold near the asking price last month.

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 2023Feb 2024CHANGE
47 Days11 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Hanover are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Hanover, MD

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