Hanover, MD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Hanover Neighborhoods Since 2000




Hanover, MD 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 15,739 people, 3,422 houses or apartments, and a median cost of homes of $326,453, 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 Maryland communities.

Single-family detached homes are the single most common housing type in Hanover, accounting for 60.29% of the town's housing units. Other types of housing that are prevalent in Hanover include large apartment complexes or high rise apartments ( 19.79%), row houses and other attached homes ( 10.76%), and a few mobile homes or trailers ( 7.91%).

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 73.48% of Hanover's homes, and 67.50% 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 2000 and later ( 41.54%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.31%).

Hanover Home Appreciation Rates

Hanover's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hanover during the period has been just -1.73%, which is lower than 80% of US communities.

Over the last year, Hanover appreciation rates have trailed the rest of the nation. In the last twelve months, Hanover's appreciation rate has been -0.83%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hanover were at -0.51%, which equates to an annual appreciation rate of -2.03%.

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

Average Home Values

 

Median Home Value:
$326,453

Hanover, MD HOME PRICES

Value Range
> $1,046,000 2.2
$784,001 - $1,046,000 0.0
$523,001 - $784,000 12.0
$419,001 - $523,000 14.5
$314,001 - $419,000 31.0
$209,001 - $314,000 25.9
$104,001 - $209,000 1.5
$52,001 - $104,000 3.1
$0 - $52,000 9.8

Average for MD
Very High for Nation

Value Relative to Nation Value Relative to State
14.0161725067385 40.4580152671756

Number Of Homes And Apartments:
3,422

Hanover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
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
78.84% 3.43% 8 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,683 / per month

Homeownership Rate

Homeownership
Owners 73.48
Renters 26.52
Vacant 5.17

Housing Market Details

 

Age of Homes

AGE OF Hanover HOMES
2000 or Newer 41.5
1970 - 1999 47.4
1940 - 1969 10.3
1939 or Older 0.7

Types of Homes

TYPE OF Hanover HOMES
Single-Family 60.3
Townhomes 10.8
Small Apt. Buildings 1.3
Apt. Complexes 19.8
Mobile Homes 7.9
Other 0.0

Home Size

SIZE OF Hanover HOMES
No Bedroom 1.19
1 Bedroom 5.79
2 Bedrooms 21.06
3 Bedrooms 35.67
4 Bedrooms 31.83
5 or more bedrooms 4.46