Is Hanover Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Hanover Township was a Buyer's Market.
Key Takeaway
Hanover Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hanover Township, MI
How much do homes in Hanover Township, MI cost?
Median Sold Price
$285,000
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hanover Township have sold for 59.1% more than they did a year ago.
Summary: The median home sold price in Hanover Township was $285,000 in May 2024, up 59.1% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $17K | N/A |
| 2 Bedrooms | $162.5K | $199K | +22.5% |
| 3 Bedrooms | $146K | $285K | +95.2% |
| 4 Bedrooms | $245K | $361K | +47.3% |
| 5+ Bedrooms | $485K | $285K | -41.2% |
Summary: Hanover Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.5%, 3 bedroom homes increased by 95.2%, 4 bedroom homes increased by 47.3%, and 5+ bedroom homes decreased by 41.2%.
Median Sold Price Compared To Nearby Cities
| Hanover Township | $179.1K | $285K | +59.1% |
| Horton | $235K | $361K | +53.6% |
| Liberty Township | $315K | $262K | -16.8% |
Housing Supply in Hanover Township, MI
How many homes are available in Hanover Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 14 | -6.7% |
Summary: The Hanover Township real estate market had 14 homes for sale in May 2024, a 6.7% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 6 | 4 | -33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Hanover Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 5 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Hanover Township, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in Hanover Township in May 2024, the same as the previous month. Of the 5 sold homes, 20% were sold under asking, 60% were sold at asking, and 20% were sold over asking.
Days on Market for Hanover Township, MI
How long does it take to sell a home in Hanover Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 64 Days | +56.6% |
Summary: Homes in Hanover Township had an average of 64 days on market in May 2024, up by 56.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Hanover Township has remained consistent over time.
Summary: During May 2024, 5 homes were sold in Hanover Township; 20% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
