Is Hanover Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Hanover Township has remained a Seller's Market.
Key Takeaway
Hanover Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hanover Township, NJ
How much do homes in Hanover Township, NJ cost?
Median Sold Price
$613,750
$403/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hanover Township have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Hanover Township was $613,750 in April 2024, up 9.1% from last year, and the median price per square foot was $403.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $335K | $410K | +22.4% |
| 2 Bedrooms | $415K | $456.2K | +9.9% |
| 3 Bedrooms | $570K | $605K | +6.1% |
| 4 Bedrooms | $665K | $754.9K | +13.5% |
| 5+ Bedrooms | $910K | $1.3M | +46.2% |
Summary: Hanover Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.4%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 13.5%, and 5+ bedroom homes increased by 46.2%.
Median Sold Price Compared To Nearby Cities
| Whippany | $552.5K | $625K | +13.1% |
| Hanover Township | $562.5K | $613.7K | +9.1% |
| East Hanover Township | $626K | $675K | +7.8% |
| East Hanover | $626K | $675K | +7.8% |
Housing Supply in Hanover Township, NJ
How many homes are available in Hanover Township, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 20 | 27 | +35.0% |
Summary: The Hanover Township real estate market had 27 homes for sale in April 2024, a 35.0% 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 | 3 | 4 | +33.3% |
| 3 Bedrooms | 10 | 13 | +30.0% |
| 4 Bedrooms | 6 | 9 | +50.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Hanover Township 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 33.3%, 3 bedroom homes increased by 30%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 8 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover Township, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in Hanover Township in April 2024, up by 100.0% month-over-month. Of the 8 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Hanover Township, NJ
We’re sorry, we don't have information for this market at the moment
