$5,938 Closing Credit*
$500,000
1,850 SqFt
4 Beds
•2 Full Baths, 1 Partial
Hope Mims, Listing Office: NextHome Mims Realty Group
Is Hanover, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$530,875
$232/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$7,279(+1.4%)
Key Takeaway
Homes in Hanover have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in Hanover was $530,875 in November 2024, up 1.4% from last year, and the median price per square foot was $232.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $327.5K | $333K | +1.7% |
| 3 Bedrooms | $500K | $522K | +4.4% |
| 4 Bedrooms | $570K | $610K | +7.0% |
| 5+ Bedrooms | $690K | $685K | -0.7% |
Summary: Hanover housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 0.7%.
Median Sold Price Compared To Nearby Cities
| Halethorpe | $290K | $320.3K | +10.5% |
| Hanover | $523.5K | $530.8K | +1.4% |
| Jessup | $490K | $495K | +1.0% |
Housing Supply in Hanover, MD
How many homes are available in Hanover, MD?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 65 | 55 | -15.4% |
Summary: The Hanover real estate market had 55 homes for sale in November 2024, a 15.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 30 | 27 | -10.0% |
| 4 Bedrooms | 23 | 18 | -21.7% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The Hanover housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 10%, 4 bedroom homes decreased by 21.7%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 21 | 18 | -14.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in Hanover in November 2024, down by 14.3% month-over-month. Of the 18 sold homes, 44% were sold under asking, 28% were sold at asking, and 28% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 14 Days | 15 Days | +9.0% |
Summary: Homes in Hanover had an average of 15 days on market in Nov 2024, up by 9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
2 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 November 2024, 18 homes were sold in Hanover; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
