Hanover Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Hanover Park Neighborhoods Since 2000




Hanover Park, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Hanover Park Housing Market Information

With a population of 38,333, 11,239 total housing units (homes and apartments), and a median house value of $218,319, Hanover Park real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Hanover Park, accounting for 57.02% of the village's housing units. Other types of housing that are prevalent in Hanover Park include row houses and other attached homes ( 25.57%), large apartment complexes or high rise apartments ( 11.61%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.50%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hanover Park. Owner-occupied housing accounts for 76.39% of Hanover Park's homes, and 71.91% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Hanover Park built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Hanover Park built between 1940-1969 ( 25.58%). A lesser amount of the housing stock also hails from between 2000 and later ( 4.62%). There's also some housing in Hanover Park built before 1939 ( 1.20%).

Hanover Park Home Appreciation Rates

Homes have actually lost value in Hanover Park over the last then years, as home values have seen a decline of 22.03% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hanover Park home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Appreciation rates are so strong in Hanover Park that despite a nationwide downturn in the housing market, Hanover Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hanover Park appreciation rates continue to be some of the highest in America, at 6.25%, which is higher than appreciation rates in 76.20% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hanover Park. Hanover Park appreciation rates in the latest quarter were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Hanover Park's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Hanover Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hanover Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Hanover Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$218,319

Hanover Park, IL HOME PRICES

Value Range
> $1,207,000 0.1
$905,001 - $1,207,000 0.5
$603,001 - $905,000 0.6
$483,001 - $603,000 1.5
$362,001 - $483,000 6.8
$241,001 - $362,000 29.7
$121,001 - $241,000 49.5
$60,001 - $121,000 8.7
$0 - $60,000 2.7

High for IL
High for Nation

Value Relative to Nation Value Relative to State
28.0264854095863 20.6329113924051

Number Of Homes And Apartments:
11,239

Hanover Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
18.08% 0.97% 4 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,691 / per month

Homeownership Rate

Homeownership
Owners 76.39
Renters 23.61
Vacant 4.73

Housing Market Details

 

Age of Homes

AGE OF Hanover Park HOMES
2000 or Newer 4.6
1970 - 1999 68.6
1940 - 1969 25.6
1939 or Older 1.2

Types of Homes

TYPE OF Hanover Park HOMES
Single-Family 57.0
Townhomes 25.6
Small Apt. Buildings 5.5
Apt. Complexes 11.6
Mobile Homes 0.2
Other 0.1

Home Size

SIZE OF Hanover Park HOMES
No Bedroom 0.69
1 Bedroom 4.85
2 Bedrooms 19.08
3 Bedrooms 52.31
4 Bedrooms 19.60
5 or more bedrooms 3.48