Is Hanover County, VA 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 County was a Seller's Market.
Housing Prices in Hanover County, VA
How much do homes in Hanover County, VA cost?
Median Sold Price
$432,125
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Hanover County was $432,125 in March 2024, up 5.4% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $239.9K | $242.4K | +1.0% |
2 Bedrooms | $250K | $320K | +28.0% |
3 Bedrooms | $344.9K | $365K | +5.8% |
4 Bedrooms | $471.9K | $494.4K | +4.8% |
5+ Bedrooms | $591.7K | $650K | +9.8% |
Summary: Hanover County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1%, 2 bedroom homes increased by 28%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 9.8%.
Median Sold Price Compared To Nearby Counties
Henrico County | $377.7K | $403.6K | +6.8% |
King William County | $314.9K | $335.3K | +6.5% |
Hanover County | $409.9K | $432.1K | +5.4% |
New Kent County | $410.3K | $412.3K | 0.5% |
Caroline County | $335K | $330K | -1.5% |
Housing Supply in Hanover County, VA
How many homes are available in Hanover County, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
431 | 464 | +7.7% |
Summary: The Hanover County real estate market had 464 homes for sale in March 2024, a 7.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 2 | +100.0% |
2 Bedrooms | 26 | 29 | +11.5% |
3 Bedrooms | 172 | 167 | -2.9% |
4 Bedrooms | 149 | 171 | +14.8% |
5+ Bedrooms | 83 | 95 | +14.5% |
Summary: The Hanover County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 11.5%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 14.8%, and 5+ bedroom homes increased by 14.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
85 | 76 | -10.6% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
28 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Summary: A total of 76 homes were sold or pending in Hanover County in March 2024, down by 10.6% month-over-month. Of the 76 sold homes, 18% were sold under asking, 37% were sold at asking, and 45% were sold over asking.
Days on Market for Hanover County, VA
How long does it take to sell a home in Hanover County, VA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
34 Days | 19 Days | -43.8% |
Summary: Homes in Hanover County had an average of 19 days on market in Mar 2024, down by 43.8% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 76 homes were sold in Hanover County; 82% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.