$2,018 Closing Credit*
$169,900
1,400 SqFt
4 Beds
•1 Full Bath
Francine Willingham, Listing Office: Willingham Real Estate
Is Hanover, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 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, MI
How much do homes in Hanover, MI cost?
Median Sold Price
$230,000
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$5,100(+2.3%)
Key Takeaway
Homes in Hanover have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Hanover was $230,000 in August 2024, up 2.3% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $173.5K | N/A |
| 2 Bedrooms | $119K | $198K | +66.4% |
| 3 Bedrooms | $161K | $282K | +75.2% |
| 4 Bedrooms | $361.7K | $387.5K | +7.1% |
| 5+ Bedrooms | $285K | - | N/A |
Summary: Hanover housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 66.4%, 3 bedroom homes increased by 75.2%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Hanover Township | $224.9K | $258.5K | +14.9% |
| Hanover | $224.9K | $230K | +2.3% |
Housing Supply in Hanover, MI
How many homes are available in Hanover, MI?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 7 | 9 | +28.6% |
Summary: The Hanover real estate market had 9 homes for sale in August 2024, a 28.6% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 2 | 2 | 0.0% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Hanover housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in Hanover in August 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Hanover, MI
How long does it take to sell a home in Hanover, MI?
Average Sale Time
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 33 Days | 43 Days | +29.9% |
Summary: Homes in Hanover had an average of 43 days on market in Aug 2024, up by 29.9% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hanover are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 2 homes were sold in Hanover; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
