Is Hanover County, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Hanover County was a Seller's Market.
Key Takeaway
Hanover County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Hanover County, VA
How much do homes in Hanover County, VA cost?
Median Sold Price
$434,027
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hanover County have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Hanover County was $434,027 in April 2024, up 5.8% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $239.9K | $253.2K | +5.5% |
| 2 Bedrooms | $250K | $300K | +20.0% |
| 3 Bedrooms | $343.4K | $363.1K | +5.7% |
| 4 Bedrooms | $470K | $500K | +6.4% |
| 5+ Bedrooms | $598.1K | $655K | +9.5% |
Summary: Hanover County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.5%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 9.5%.
Median Sold Price Compared To Nearby Counties
| Henrico County | $375.3K | $410K | +9.2% |
| Hanover County | $410K | $434K | +5.8% |
| King William County | $319.8K | $335.3K | +4.8% |
| Caroline County | $332.2K | $335K | +0.8% |
| New Kent County | $415K | $410.3K | -1.1% |
Housing Supply in Hanover County, VA
How many homes are available in Hanover County, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 440 | 501 | +13.9% |
Summary: The Hanover County real estate market had 501 homes for sale in April 2024, a 13.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 27 | 29 | +7.4% |
| 3 Bedrooms | 163 | 197 | +20.9% |
| 4 Bedrooms | 157 | 172 | +9.6% |
| 5+ Bedrooms | 90 | 99 | +10.0% |
Summary: The Hanover County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 20.9%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 81 | 78 | -3.7% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
44 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover County, you could pay more than the asking price. 56.4% of homes here sold above asking price last month.
Summary: A total of 78 homes were sold or pending in Hanover County in April 2024, down by 3.7% month-over-month. Of the 78 sold homes, 31% were sold under asking, 13% were sold at asking, and 56% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 46 Days | 17 Days | -62.2% |
Summary: Homes in Hanover County had an average of 17 days on market in Apr 2024, down by 62.2% compared to last year.
Breakdown of Home Sale Times
64 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 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 April 2024, 78 homes were sold in Hanover County; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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