$6,828 Closing Credit*
$575,000
3 Beds
•2 Full Baths
Listing Office: RE/MAX SELECT
Is Hanover Township, NJ 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 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, NJ
How much do homes in Hanover Township, NJ cost?
Median Sold Price
$650,000
$403/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$70,000(+12.1%)
Key Takeaway
Homes in Hanover Township have sold for 12.1% more than they did a year ago.
Summary: The median home sold price in Hanover Township was $650,000 in October 2024, up 12.1% from last year, and the median price per square foot was $403.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $353K | - | N/A |
| 2 Bedrooms | $449.5K | $510K | +13.5% |
| 3 Bedrooms | $592.5K | $610K | +3.0% |
| 4 Bedrooms | $730K | $776K | +6.3% |
| 5+ Bedrooms | $984.9K | $1.4M | +51.6% |
Summary: Hanover Township 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 13.5%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 51.6%.
Median Sold Price Compared To Nearby Cities
| East Hanover Township | $630K | $760.5K | +20.7% |
| East Hanover | $630K | $760.5K | +20.7% |
| Cedar Knolls | $495K | $572.5K | +15.6% |
| Hanover Township | $580K | $650K | +12.1% |
| Whippany | $596K | $651.8K | +9.4% |
Housing Supply in Hanover Township, NJ
How many homes are available in Hanover Township, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 32 | 41 | +28.1% |
Summary: The Hanover Township real estate market had 41 homes for sale in October 2024, a 28.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 11 | 15 | +36.4% |
| 4 Bedrooms | 8 | 11 | +37.5% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Hanover Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 36.4%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 7 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover Township, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Hanover Township in October 2024, the same as the previous month. Of the 7 sold homes, 14% were sold under asking, 0% were sold at asking, and 86% were sold over asking.
Days on Market for Hanover Township, NJ
We’re sorry, we don't have information for this market at the moment
