Is Hanover, PA 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, PA
How much do homes in Hanover, PA cost?
Median Sold Price
$274,900
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hanover have sold for 12.7% more than they did a year ago.
Summary: The median home sold price in Hanover was $274,900 in April 2024, up 12.7% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $69.9K | $129.9K | +86.0% |
| 2 Bedrooms | $179.9K | $201K | +11.7% |
| 3 Bedrooms | $231K | $258.3K | +11.8% |
| 4 Bedrooms | $312.5K | $367.4K | +17.6% |
| 5+ Bedrooms | $399K | $429.9K | +7.7% |
Summary: Hanover housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 86%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Hanover | $243.9K | $274.9K | +12.7% |
| Penn Township | $267K | $275K | +3.0% |
| Conewago Township | $258K | $253K | -1.9% |
Housing Supply in Hanover, PA
How many homes are available in Hanover, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 236 | 254 | +7.6% |
Summary: The Hanover real estate market had 254 homes for sale in April 2024, a 7.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 30 | 31 | +3.3% |
| 3 Bedrooms | 138 | 147 | +6.5% |
| 4 Bedrooms | 56 | 63 | +12.5% |
| 5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Hanover housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 61 | 49 | -19.7% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you may be able to get a good deal. 38.8% of homes here sold below asking price last month.
Summary: A total of 49 homes were sold or pending in Hanover in April 2024, down by 19.7% month-over-month. Of the 49 sold homes, 39% were sold under asking, 37% were sold at asking, and 24% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 47 Days | 25 Days | -46.1% |
Summary: Homes in Hanover had an average of 25 days on market in Apr 2024, down by 46.1% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
5 Homes Were 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, 49 homes were sold in Hanover; 82% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
