Hanover, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Hanover Neighborhoods Since 2000




Hanover, PA 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 15,496 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%).

Hanover Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$160,875

Hanover, PA HOME PRICES

Value Range
> $1,047,000 0.0
$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

High for PA
Average for Nation

Value Relative to Nation Value Relative to State
45.2888784718153 38.743961352657

Number Of Homes And Apartments:
6,562

Hanover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
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
36.22% 1.81% 3 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,004 / per month

Homeownership Rate

Homeownership
Owners 53.23
Renters 46.77
Vacant 8.61

Housing Market Details

 

Age of Homes

AGE OF Hanover HOMES
2000 or Newer 7.1
1970 - 1999 21.0
1940 - 1969 38.7
1939 or Older 33.2

Types of Homes

TYPE OF Hanover HOMES
Single-Family 43.8
Townhomes 27.5
Small Apt. Buildings 16.6
Apt. Complexes 11.5
Mobile Homes 0.5
Other 0.1

Home Size

SIZE OF Hanover HOMES
No Bedroom 1.70
1 Bedroom 17.02
2 Bedrooms 30.45
3 Bedrooms 36.70
4 Bedrooms 12.77
5 or more bedrooms 1.36