Is Hanover, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, MD
How much do homes in Hanover, MD cost?
Median Sold Price
$530,000
$227/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hanover have sold for 3.9% more than they did a year ago.
Summary: The median home sold price in Hanover was $530,000 in April 2024, up 3.9% from last year, and the median price per square foot was $227.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $315K | $325K | +3.2% |
| 3 Bedrooms | $485K | $515K | +6.2% |
| 4 Bedrooms | $562.9K | $585K | +3.9% |
| 5+ Bedrooms | $694.9K | $680K | -2.2% |
Summary: Hanover housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 2.2%.
Median Sold Price Compared To Nearby Cities
| Halethorpe | $280.7K | $308K | +9.7% |
| Jessup | $452.6K | $490K | +8.3% |
| Harmans | $468K | $495.7K | +5.9% |
| Hanover | $510K | $530K | +3.9% |
Housing Supply in Hanover, MD
How many homes are available in Hanover, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 51 | 72 | +41.2% |
Summary: The Hanover real estate market had 72 homes for sale in April 2024, a 41.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 25 | 39 | +56.0% |
| 4 Bedrooms | 20 | 23 | +15.0% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The Hanover housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 56%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 19 | +26.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you could pay more than the asking price. 57.9% of homes here sold above asking price last month.
Summary: A total of 19 homes were sold or pending in Hanover in April 2024, up by 26.7% month-over-month. Of the 19 sold homes, 26% were sold under asking, 16% were sold at asking, and 58% were sold over asking.
Days on Market for Hanover, MD
How long does it take to sell a home in Hanover, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 17 Days | 12 Days | -30.2% |
Summary: Homes in Hanover had an average of 12 days on market in Apr 2024, down by 30.2% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Hanover are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 19 homes were sold in Hanover; 89% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
