Is Hanover Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hanover Township is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Hanover Township has remained a Seller's Market.

Key Takeaway

Hanover Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Hanover Township, IL

How much do homes in Hanover Township, IL cost?

Median Sold Price

$315,087

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$29,872(+10.5%)

Key Takeaway

Homes in Hanover Township have sold for 10.5% more than they did a year ago.

Summary: The median home sold price in Hanover Township was $315,087 in October 2024, up 10.5% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $155K$170K
+9.7%
2 $239.1K$260.6K
+9.0%
3 $295K$320K
+8.5%
4 $405K$448.8K
+10.8%
5+ $527K$565.6K
+7.3%

Summary: Hanover Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.7%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 7.3%.

Median Sold Price Compared To Nearby Cities

Streamwood
+11.2%
Hanover Township
+10.5%
Hoffman Estates
+10.4%
Hanover Park
+9.1%
Bartlett
+8.7%

Housing Supply in Hanover Township, IL

How many homes are available in Hanover Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
292306+4.8%

Summary: The Hanover Township real estate market had 306 homes for sale in October 2024, a 4.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 31
-66.7%
2 8389
+7.2%
3 132134
+1.5%
4 6167
+9.8%
5+ 1315
+15.4%

Summary: The Hanover Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 15.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
10293-8.8%

Asking Price vs. Sold Price

33 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

48 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hanover Township, you could pay more than the asking price. 51.6% of homes here sold above asking price last month.

Summary: A total of 93 homes were sold or pending in Hanover Township in October 2024, down by 8.8% month-over-month. Of the 93 sold homes, 35% were sold under asking, 13% were sold at asking, and 52% 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

Oct 2023Oct 2024CHANGE
16 Days17 Days+6.3%

Summary: Homes in Hanover Township had an average of 17 days on market in Oct 2024, up by 6.3% compared to last year.

Breakdown of Home Sale Times

74 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 93 homes were sold in Hanover Township; 80% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 1% 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 20 Days Ago

Newest Listings in Hanover Township, IL

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