$5,819 Closing Credit*
$489,990
2,271 SqFt
4 Beds
•1 Full Bath, 1 Partial
Listing Office: Lennar Sales Corp
Is Hanover, MN 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 Buyer's Market.
Key Takeaway
Hanover is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Hanover, MN
How much do homes in Hanover, MN cost?
Median Sold Price
$449,450
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$24,450(+5.8%)
Key Takeaway
Homes in Hanover have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Hanover was $449,450 in November 2024, up 5.8% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $399.9K | $425K | +6.3% |
| 3 Bedrooms | $403K | $444K | +10.2% |
| 4 Bedrooms | $432K | $449.4K | +4.0% |
| 5+ Bedrooms | $447.5K | $549.9K | +22.9% |
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 6.3%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 22.9%.
Median Sold Price Compared To Nearby Cities
| Greenfield | $615K | $795K | +29.3% |
| Hanover | $425K | $449.4K | +5.8% |
| Saint Michael | $431.4K | $439.9K | +2.0% |
| Rockford Township | $385.5K | $375K | -2.7% |
| Hassan Township | $502.5K | $438.4K | -12.7% |
Housing Supply in Hanover, MN
How many homes are available in Hanover, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 45 | 59 | +31.1% |
Summary: The Hanover real estate market had 59 homes for sale in November 2024, a 31.1% increase 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 | 7 | 8 | +14.3% |
| 3 Bedrooms | 15 | 20 | +33.3% |
| 4 Bedrooms | 19 | 23 | +21.1% |
| 5+ Bedrooms | 4 | 8 | +100.0% |
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 increased by 14.3%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 21.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 3 | 6 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Hanover in November 2024, up by 100.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Hanover, MN
How long does it take to sell a home in Hanover, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 29 Days | 55 Days | +92.5% |
Summary: Homes in Hanover had an average of 55 days on market in Nov 2024, up by 92.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 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, 6 homes were sold in Hanover; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
