$5,314 Closing Credit*
$447,500
1,008 SqFt
2 Beds
•1 Full Bath
Karla Garland, Listing Office: Dalton Realty
Is Hanover, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, 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, VA
How much do homes in Hanover, VA cost?
Median Sold Price
$225,000
$197/sqft
Based on all homes sold in October 2024.
Difference Since Last Month
-$715,500(-76.1%)
Key Takeaway
Homes in Hanover have sold for 76.1% less than they did a month ago.
Summary: The median home sold price in Hanover was $225,000 in October 2024, down 76.1% from last month, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $125K | N/A |
| 3 Bedrooms | $940.5K | $325K | -65.4% |
| 4 Bedrooms | - | $729K | N/A |
| 5+ Bedrooms | - | $110.5K | N/A |
Summary: Hanover housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 65.4%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Hanover, VA
How many homes are available in Hanover, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Summary: The Hanover real estate market had 6 homes for sale in October 2024, a 14.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 1 | +100.0% |
| 3 Bedrooms | 5 | 3 | -40.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
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 increased by 100%, 3 bedroom homes decreased by 40%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Hanover in October 2024, up by 100.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Hanover, VA
How long does it take to sell a home in Hanover, VA?
Average Sale Time
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 63 Days | +55.6% |
Summary: Homes in Hanover had an average of 63 days on market in Oct 2024, up by 55.6% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was 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, 4 homes were sold in Hanover; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
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