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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover is a neutral'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

+$47,500(+21.1%)

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

# BEDSMar 2023Mar 2024CHANGE
1 $112.4K$129.9K
+15.6%
2 $183.7K$200.5K
+9.1%
3 $207.7K$255.1K
+22.8%
4 $305K$366.9K
+20.3%
5+ $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
+21.1%
Penn Township
+8.0%
Conewago Township
-3.1%

Housing Supply in Hanover, PA

How many homes are available in Hanover, PA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
310327+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

# BEDSFeb 2024Mar 2024CHANGE
1 11
0.0%
2 2735
+29.6%
3 177183
+3.4%
4 7988
+11.4%
5+ 2620
-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 2024Mar 2024CHANGE
50500.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2023Mar 2024CHANGE
49 Days38 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

Breakdown of Home Sale Times

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

Newest Listings in Hanover, PA

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