Hanover, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Hanover Neighborhoods Since 2000




Hanover, MA 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 Housing Market Information

With 14,424 people, 4,862 houses or apartments, and a median cost of homes of $503,647, real estate costs in Hanover are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Single-family detached homes are the single most common housing type in Hanover, accounting for 85.72% of the town's housing units. Other types of housing that are prevalent in Hanover include large apartment complexes or high rise apartments ( 7.50%), duplexes, homes converted to apartments or other small apartment buildings ( 4.38%), and a few row houses and other attached homes ( 2.40%).

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. Owner-occupied housing accounts for 83.19% of Hanover's homes, and 73.01% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Hanover 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 built between 1940-1969 ( 38.55%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.10%). There's also some housing in Hanover built before 1939 ( 11.10%).

Hanover Home Appreciation Rates

Appreciation rates for homes in Hanover have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.78%, which ranks in the top 50% nationwide. This equates to an annual average Hanover house appreciation rate of 0.37%.

NeighborhoodScout's data show that during the latest twelve months, Hanover's appreciation rate, at 5.46%, has been at or slightly above the national average. In the latest quarter, Hanover's appreciation rate has been 1.07%, which annualizes to a rate of 4.36%.

Relative to Massachusetts, our data show that Hanover's latest annual appreciation rate is higher than 60% of the other cities and towns in Massachusetts.

Average Home Values

 

Median Home Value:
$503,647

Hanover, MA HOME PRICES

Value Range
> $1,162,000 1.1
$871,001 - $1,162,000 9.8
$581,001 - $871,000 23.5
$465,001 - $581,000 22.7
$348,001 - $465,000 28.3
$232,001 - $348,000 10.5
$116,001 - $232,000 0.4
$58,001 - $116,000 0.2
$0 - $58,000 3.5

High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
5.81858666354154 22.4358974358974

Number Of Homes And Apartments:
4,862

Hanover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
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
50.91% 2.41% 6 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,070 / per month

Homeownership Rate

Homeownership
Owners 83.19
Renters 16.81
Vacant 2.78

Housing Market Details

 

Age of Homes

AGE OF Hanover HOMES
2000 or Newer 11.1
1970 - 1999 39.3
1940 - 1969 38.6
1939 or Older 11.1

Types of Homes

TYPE OF Hanover HOMES
Single-Family 85.7
Townhomes 2.4
Small Apt. Buildings 4.4
Apt. Complexes 7.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Hanover HOMES
No Bedroom 1.14
1 Bedroom 7.72
2 Bedrooms 11.42
3 Bedrooms 37.87
4 Bedrooms 35.13
5 or more bedrooms 6.72