Is Hanover Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Hanover Township has remained a Seller's Market.
Housing Prices in Hanover Township, IL
How much do homes in Hanover Township, IL cost?
Median Sold Price
$304,826
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Hanover Township was $304,826 in May 2024, up 10.8% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $149K | $159.5K | +7.0% |
2 Bedrooms | $219K | $255.9K | +16.9% |
3 Bedrooms | $282.3K | $310K | +9.8% |
4 Bedrooms | $394.9K | $430K | +8.9% |
5+ Bedrooms | $500K | $565K | +13.0% |
Summary: Hanover Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes increased by 16.9%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 13%.
Median Sold Price Compared To Nearby Cities
Streamwood | $260K | $295K | +13.5% |
Hanover Township | $275K | $304.8K | +10.8% |
Hoffman Estates | $327K | $355K | +8.6% |
Hanover Park | $274.7K | $294.7K | +7.3% |
Bartlett | $350K | $370.3K | +5.8% |
Housing Supply in Hanover Township, IL
How many homes are available in Hanover Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
268 | 296 | +10.4% |
Summary: The Hanover Township real estate market had 296 homes for sale in May 2024, a 10.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 8 | +33.3% |
2 Bedrooms | 76 | 89 | +17.1% |
3 Bedrooms | 116 | 106 | -8.6% |
4 Bedrooms | 53 | 71 | +34.0% |
5+ Bedrooms | 17 | 22 | +29.4% |
Summary: The Hanover Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 17.1%, 3 bedroom homes decreased by 8.6%, 4 bedroom homes increased by 34%, and 5+ bedroom homes increased by 29.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
98 | 94 | -4.1% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
62 Homes Were Sold
Over Asking
Summary: A total of 94 homes were sold or pending in Hanover Township in May 2024, down by 4.1% month-over-month. Of the 94 sold homes, 20% were sold under asking, 14% were sold at asking, and 66% were sold over asking.
Days on Market for Hanover Township, IL
How long does it take to sell a home in Hanover Township, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
23 Days | 12 Days | -45.0% |
Summary: Homes in Hanover Township had an average of 12 days on market in May 2024, down by 45% compared to last year.
Breakdown of Home Sale Times
84 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 94 homes were sold in Hanover Township; 89% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.