Is Hanover County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover County is a neutral's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

Hanover County 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 County, VA

How much do homes in Hanover County, VA cost?

Median Sold Price

$434,027

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$23,939(+5.8%)

Key Takeaway

Homes in Hanover County have sold for 5.8% more than they did a year ago.

Summary: The median home sold price in Hanover County was $434,027 in April 2024, up 5.8% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $239.9K$253.2K
+5.5%
2 $250K$300K
+20.0%
3 $343.4K$363.1K
+5.7%
4 $470K$500K
+6.4%
5+ $598.1K$655K
+9.5%

Summary: Hanover County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.5%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 9.5%.

Median Sold Price Compared To Nearby Counties

Henrico County
+9.2%
Hanover County
+5.8%
King William County
+4.8%
Caroline County
+0.8%
New Kent County
-1.1%

Housing Supply in Hanover County, VA

How many homes are available in Hanover County, VA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
440501+13.9%

Summary: The Hanover County real estate market had 501 homes for sale in April 2024, a 13.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 34
+33.3%
2 2729
+7.4%
3 163197
+20.9%
4 157172
+9.6%
5+ 9099
+10.0%

Summary: The Hanover County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 20.9%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
8178-3.7%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

44 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover County, you could pay more than the asking price. 56.4% of homes here sold above asking price last month.

Summary: A total of 78 homes were sold or pending in Hanover County in April 2024, down by 3.7% month-over-month. Of the 78 sold homes, 31% were sold under asking, 13% were sold at asking, and 56% 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

Apr 2023Apr 2024CHANGE
46 Days17 Days-62.2%

Summary: Homes in Hanover County had an average of 17 days on market in Apr 2024, down by 62.2% compared to last year.

Breakdown of Home Sale Times

64 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Hanover County are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 78 homes were sold in Hanover County; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% 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 2 Days Ago

Newest Listings in Hanover County, VA

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