Hanover, NH Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Hanover, NH Housing Market Trends

With 11,473 people, 2,839 houses or apartments, and a median cost of homes of $655,753, Hanover house prices are not only among the most expensive in New Hampshire, Hanover real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Hanover, accounting for 62.45% of the town's housing units. Other types of housing that are prevalent in Hanover include large apartment complexes or high rise apartments ( 25.22%), duplexes, homes converted to apartments or other small apartment buildings ( 5.99%), and a few row houses and other attached homes ( 5.82%).

The most prevalent building size and type in Hanover are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 42.36% owning and 57.64% renting.

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 ( 27.41%). A lesser amount of the housing stock also hails from before 1939 ( 18.97%). There's also some housing in Hanover built between 2000 and later ( 10.05%).

Vacant housing appears to be an issue in Hanover. Fully 18.26% of the housing stock is classified as vacant. Left unchecked, vacant Hanover homes and apartments can be a drag on the real estate market, holding Hanover real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

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 36.11%, which ranks in the top 50% nationwide. This equates to an annual average Hanover house appreciation rate of 3.13%.

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 8.57%, which is higher than appreciation rates in 97.16% 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 3.96%, which equates to an annual appreciation rate of 16.81%.

Importantly, this makes Hanover one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$655,753

Hanover, NH HOME PRICES

> $1,194,000
11.1%
11.1%
$895,001 - $1,194,000
16.3%
16.3%
$597,001 - $895,000
25.0%
25.0%
$477,001 - $597,000
13.4%
13.4%
$358,001 - $477,000
16.3%
16.3%
$239,001 - $358,000
13.7%
13.7%
$119,001 - $239,000
1.4%
1.4%
$60,001 - $119,000
0.0%
0.0%
$0 - $60,000
2.8%
2.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NH

Value Relative To Nation

Number Of Homes And Apartments:
2,839

Hanover Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
125.99% 3.96%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,826 / per month

Homeownership Rate

Owners
42.4%
42.4%
Renters
57.6%
57.6%
Vacant
18.3%
18.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.0%
10.0%
1970 - 1999
43.6%
43.6%
1940 - 1969
27.4%
27.4%
1939 or Older
19.0%
19.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.5%
62.5%
Townhomes
5.8%
5.8%
Small Apt. Buildings
6.0%
6.0%
Apt. Complexes
25.2%
25.2%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.2%
4.2%
1 Bedroom
13.8%
13.8%
2 Bedrooms
19.1%
19.1%
3 Bedrooms
29.6%
29.6%
4 Bedrooms
23.1%
23.1%
5 or more bedrooms
10.2%
10.2%
0.0% 100.0%
% OF HOMES