Is Hanover, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Hanover was a Neutral 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, MN
How much do homes in Hanover, MN cost?
Median Sold Price
$426,500
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hanover have sold for 2.4% less than they did a year ago.
Summary: The median home sold price in Hanover was $426,500 in April 2024, down 2.4% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $402.8K | $419.9K | +4.2% |
| 3 Bedrooms | $397.5K | $460.9K | +16.0% |
| 4 Bedrooms | $490K | $425K | -13.3% |
| 5+ Bedrooms | $465K | $460K | -1.1% |
Summary: Hanover housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 16%, 4 bedroom homes decreased by 13.3%, and 5+ bedroom homes decreased by 1.1%.
Median Sold Price Compared To Nearby Cities
| Saint Michael | $429.9K | $447.4K | +4.1% |
| Rockford Township | $369.9K | $369.9K | 0.0% |
| Hanover | $436.9K | $426.5K | -2.4% |
| Hassan Township | $547.7K | $490.9K | -10.4% |
Housing Supply in Hanover, MN
How many homes are available in Hanover, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 35 | 49 | +40.0% |
Summary: The Hanover real estate market had 49 homes for sale in April 2024, a 40.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 6 | 11 | +83.3% |
| 4 Bedrooms | 14 | 17 | +21.4% |
| 5+ Bedrooms | 6 | 10 | +66.7% |
Summary: The Hanover housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 83.3%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was 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 1 homes were sold or pending in Hanover in April 2024, down by 50.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Hanover, MN
How long does it take to sell a home in Hanover, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 45 Days | 11 Days | -75.6% |
Summary: Homes in Hanover had an average of 11 days on market in Apr 2024, down by 75.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were 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 April 2024, 1 homes were sold in Hanover; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
