$3,266 Closing Credit*
$275,000
1,056 SqFt
3 Beds
•1 Full Bath
JP Payne, Listing Office: Long & Foster REALTORS
Is Hanover County, VA 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 County has remained a Seller's Market.
Key Takeaway
Hanover County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hanover County, VA
How much do homes in Hanover County, VA cost?
Median Sold Price
$464,766
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$39,928(+9.4%)
Key Takeaway
Homes in Hanover County have sold for 9.4% more than they did a year ago.
Summary: The median home sold price in Hanover County was $464,766 in October 2024, up 9.4% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $239.9K | $255K | +6.3% |
| 2 Bedrooms | $267.5K | $320K | +19.6% |
| 3 Bedrooms | $360K | $390K | +8.3% |
| 4 Bedrooms | $489.7K | $525K | +7.2% |
| 5+ Bedrooms | $630K | $655K | +4.0% |
Summary: Hanover County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 19.6%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes increased by 4%.
Median Sold Price Compared To Nearby Counties
| Henrico County | $391.5K | $429.7K | +9.8% |
| Hanover County | $424.8K | $464.7K | +9.4% |
| King William County | $330K | $347.5K | +5.3% |
| Caroline County | $333.9K | $350K | +4.8% |
| New Kent County | $409.9K | $424.2K | +3.5% |
Housing Supply in Hanover County, VA
How many homes are available in Hanover County, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 563 | 585 | +3.9% |
Summary: The Hanover County real estate market had 585 homes for sale in October 2024, a 3.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 48 | 54 | +12.5% |
| 3 Bedrooms | 226 | 224 | -0.9% |
| 4 Bedrooms | 198 | 215 | +8.6% |
| 5+ Bedrooms | 89 | 89 | 0.0% |
Summary: The Hanover County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 12.5%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 121 | 134 | +10.7% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
31 Homes Were Sold
At Asking
51 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover County, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.
Summary: A total of 134 homes were sold or pending in Hanover County in October 2024, up by 10.7% month-over-month. Of the 131 sold homes, 37% were sold under asking, 24% were sold at asking, and 39% were sold over asking.
Days on Market for Hanover County, VA
How long does it take to sell a home in Hanover County, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 37 Days | 39 Days | +3.4% |
Summary: Homes in Hanover County had an average of 39 days on market in Oct 2024, up by 3.4% compared to last year.
Breakdown of Home Sale Times
103 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hanover County are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 134 homes were sold in Hanover County; 77% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user.