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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 15,496 people, 6,562 houses or apartments, and a median cost of homes of $160,875, Hanover real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Hanover, accounting for 43.77% of the borough's housing units. Other types of housing that are prevalent in Hanover include row houses and other attached homes ( 27.52%), duplexes, homes converted to apartments or other small apartment buildings ( 16.60%), and a few large apartment complexes or high rise apartments ( 11.48%).
The most prevalent building size and type in Hanover are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 53.23% owning and 46.77% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Hanover's housing was primarily built during this period, from the '40s through the '60s. A full 38.68% of the borough's housing hails from this era. Other housing ages represented in Hanover include homes built before 1939 ( 33.23%) and housing constructed between 1970-1999 ( 20.96%). There's also some housing in Hanover built between 2000 and later ( 7.13%).
Homes have actually lost value in Hanover over the last then years, as home values have seen a decline of 20.64% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hanover home appreciation rates at 2.73%, which equates to an annual appreciation rate of 11.40%.
Appreciation rates are so strong in Hanover that despite a nationwide downturn in the housing market, Hanover real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hanover appreciation rates continue to be some of the highest in America, at 5.57%, which is higher than appreciation rates in 70.06% 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. Hanover appreciation rates in the latest quarter were at 2.73%, which equates to an annual appreciation rate of 11.40%.
Importantly, this makes Hanover one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.
Relative to Pennsylvania, our data show that Hanover's latest annual appreciation rate is higher than 80% of the other cities and towns in Pennsylvania.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Hanover differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hanover - 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 real estate investment or home purchase decisions.
|$785,001 - $1,047,000||0.1|
|$523,001 - $785,000||0.0|
|$418,001 - $523,000||4.2|
|$314,001 - $418,000||3.6|
|$209,001 - $314,000||12.8|
|$105,001 - $209,000||57.2|
|$52,001 - $105,000||17.4|
|$0 - $52,000||4.7|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Hanover HOMES|
|2000 or Newer||7.1|
|1970 - 1999||21.0|
|1940 - 1969||38.7|
|1939 or Older||33.2|
|TYPE OF Hanover HOMES|
|Small Apt. Buildings||16.6|
|SIZE OF Hanover HOMES|
|5 or more bedrooms||1.36|