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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover Township is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Hanover Township was a Seller's Market.

Key Takeaway

Hanover Township 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 Township, PA

How much do homes in Hanover Township, PA cost?

Median Sold Price

$269,768

$151/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$22,818(+9.2%)

Key Takeaway

Homes in Hanover Township have sold for 9.2% more than they did a year ago.

Summary: The median home sold price in Hanover Township was $269,768 in February 2024, up 9.2% from last year, and the median price per square foot was $151.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $155K$132.4K
-14.5%
2 $175.5K$197K
+12.3%
3 $226.5K$255K
+12.6%
4 $289K$362.5K
+25.4%
5+ $399K$432.5K
+8.4%

Summary: Hanover Township housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 14.5%, 2 bedroom homes increased by 12.3%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 25.4%, and 5+ bedroom homes increased by 8.4%.

Median Sold Price Compared To Nearby Cities

Smith Township
+25.7%
Hanover Township
+9.2%

Housing Supply in Hanover Township, PA

How many homes are available in Hanover Township, PA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2892890.0%

Summary: The Hanover Township real estate market had 289 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 11
0.0%
2 2327
+17.4%
3 168168
0.0%
4 7571
-5.3%
5+ 2222
0.0%

Summary: The Hanover Township 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 increased by 17.4%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4944-10.2%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover Township, expect to pay close to the asking price. 38.6% of homes here sold near the asking price last month.

Summary: A total of 44 homes were sold or pending in Hanover Township in February 2024, down by 10.2% month-over-month. Of the 44 sold homes, 36% were sold under asking, 39% were sold at asking, and 25% were sold over asking.

Days on Market for Hanover Township, PA

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

Average Sale Time

Feb 2023Feb 2024CHANGE
33 Days53 Days+60.2%

Summary: Homes in Hanover Township had an average of 53 days on market in Feb 2024, up by 60.2% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

15 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 Township are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 44 homes were sold in Hanover Township; 50% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 16% 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 27 Days Ago

Newest Listings in Hanover Township, PA

Nearby Markets to Hanover Township, PA

What housing markets are near Hanover Township, PA?