Is Hanover, NY 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, NY
How much do homes in Hanover, NY cost?
Median Sold Price
$157,000
$103/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hanover have sold for 1.8% less than they did a year ago.
Summary: The median home sold price in Hanover was $157,000 in April 2024, down 1.8% from last year, and the median price per square foot was $103.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $172.9K | $60K | -65.3% |
| 3 Bedrooms | $155K | $185K | +19.4% |
| 4 Bedrooms | $175K | $155K | -11.4% |
| 5+ Bedrooms | $205K | $185K | -9.8% |
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 decreased by 65.3%, 3 bedroom homes increased by 19.4%, 4 bedroom homes decreased by 11.4%, and 5+ bedroom homes decreased by 9.8%.
Median Sold Price Compared To Nearby Cities
| Silver Creek | $155K | $159K | +2.6% |
| Hanover | $159.9K | $157K | -1.8% |
Housing Supply in Hanover, NY
How many homes are available in Hanover, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 24 | 21 | -12.5% |
Summary: The Hanover real estate market had 21 homes for sale in April 2024, a 12.5% decrease 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 13 | 10 | -23.1% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +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 decreased by 33.3%, 3 bedroom homes decreased by 23.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Hanover in April 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Hanover, NY
How long does it take to sell a home in Hanover, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 94 Days | 40 Days | -57.4% |
Summary: Homes in Hanover had an average of 40 days on market in Apr 2024, down by 57.4% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were 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, 4 homes were sold in Hanover; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
