$6,531 Closing Credit*
$550,000
2,200 SqFt
4 Beds
•3 Full Baths, 2 Partial
Jonathan Scheffenacker, Listing Office: Redfin Corp
Is Hanover, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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, MD
How much do homes in Hanover, MD cost?
Median Sold Price
$531,750
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$10,279(+2.0%)
Key Takeaway
Homes in Hanover have sold for 2% more than they did a year ago.
Summary: The median home sold price in Hanover was $531,750 in October 2024, up 2% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $322.5K | $333K | +3.3% |
| 3 Bedrooms | $500K | $522K | +4.4% |
| 4 Bedrooms | $575K | $585K | +1.7% |
| 5+ Bedrooms | $708K | $669.7K | -5.4% |
Summary: Hanover housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes decreased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Halethorpe | $290K | $320K | +10.3% |
| Hanover | $521.4K | $531.7K | +2.0% |
| Jessup | $490K | $495K | +1.0% |
Housing Supply in Hanover, MD
How many homes are available in Hanover, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 72 | 70 | -2.8% |
Summary: The Hanover real estate market had 70 homes for sale in October 2024, a 2.8% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 31 | 31 | 0.0% |
| 4 Bedrooms | 26 | 26 | 0.0% |
| 5+ Bedrooms | 11 | 10 | -9.1% |
Summary: The Hanover housing inventory by bedroom type for October 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 remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 9.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 26 | 22 | -15.4% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Hanover in October 2024, down by 15.4% month-over-month. Of the 22 sold homes, 36% were sold under asking, 32% were sold at asking, and 32% were sold over asking.
Days on Market for Hanover, MD
How long does it take to sell a home in Hanover, MD?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 17 Days | 21 Days | +22.8% |
Summary: Homes in Hanover had an average of 21 days on market in Oct 2024, up by 22.8% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 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 October 2024, 22 homes were sold in Hanover; 73% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
