Is Hanover, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Hanover was a Seller's Market.
Key Takeaway
Hanover is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Hanover, PA
How much do homes in Hanover, PA cost?
Median Sold Price
$272,500
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Hanover have sold for 21.1% more than they did a year ago.
Summary: The median home sold price in Hanover was $272,500 in March 2024, up 21.1% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $112.4K | $129.9K | +15.6% |
| 2 Bedrooms | $183.7K | $200.5K | +9.1% |
| 3 Bedrooms | $207.7K | $255.1K | +22.8% |
| 4 Bedrooms | $305K | $366.9K | +20.3% |
| 5+ Bedrooms | $383.4K | $439.4K | +14.6% |
Summary: Hanover housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.6%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 22.8%, 4 bedroom homes increased by 20.3%, and 5+ bedroom homes increased by 14.6%.
Median Sold Price Compared To Nearby Cities
| Hanover | $225K | $272.5K | +21.1% |
| Penn Township | $254.6K | $275K | +8.0% |
| Conewago Township | $258K | $250K | -3.1% |
Housing Supply in Hanover, PA
How many homes are available in Hanover, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 310 | 327 | +5.5% |
Summary: The Hanover real estate market had 327 homes for sale in March 2024, a 5.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 27 | 35 | +29.6% |
| 3 Bedrooms | 177 | 183 | +3.4% |
| 4 Bedrooms | 79 | 88 | +11.4% |
| 5+ Bedrooms | 26 | 20 | -23.1% |
Summary: The Hanover housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 29.6%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes decreased by 23.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 50 | 50 | 0.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.
Summary: A total of 50 homes were sold or pending in Hanover in March 2024, the same as the previous month. Of the 50 sold homes, 20% were sold under asking, 40% were sold at asking, and 40% were sold over asking.
Days on Market for Hanover, PA
How long does it take to sell a home in Hanover, PA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 38 Days | -21.3% |
Summary: Homes in Hanover had an average of 38 days on market in Mar 2024, down by 21.3% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
7 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 March 2024, 50 homes were sold in Hanover; 58% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
