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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover is a seller's market

Buyer's
Market

Difference Since February 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, NY

How much do homes in Hanover, NY cost?

Median Sold Price

$160,000

$104/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$100(+0.1%)

Key Takeaway

The sold price of homes in Hanover has remained the same since last year.

Summary: The median home sold price in Hanover was $160,000 in February 2024, up 0.1% from last year, and the median price per square foot was $104.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $250K-
N/A
2 $159.9K$60K
-62.5%
3 $153K$185K
+20.9%
4 $195K$150K
-23.1%
5+ $252.5K$185K
-26.7%

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 decreased by 62.5%, 3 bedroom homes increased by 20.9%, 4 bedroom homes decreased by 23.1%, and 5+ bedroom homes decreased by 26.7%.

Median Sold Price Compared To Nearby Cities

Silver Creek
+5.6%
Hanover
0.1%
Forestville
-11.4%

Housing Supply in Hanover, NY

How many homes are available in Hanover, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
16160.0%

Summary: The Hanover real estate market had 16 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 22
0.0%
3 75
-28.6%
4 46
+50.0%
5+ 33
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 decreased by 28.6%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 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, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Hanover in February 2024, up by 300.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for Hanover, NY

How long does it take to sell a home in Hanover, NY?

Average Sale Time

Feb 2023Feb 2024CHANGE
69 Days16 Days-76.8%

Summary: Homes in Hanover had an average of 16 days on market in Feb 2024, down by 76.8% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was 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, 4 homes were sold in Hanover; 75% of homes were sold within 30 days, 25% 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 28 Days Ago

Newest Listings in Hanover, NY

Nearby Markets to Hanover, NY