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 about Scout's Real Estate Data
With 16,548 people, 7,169 houses or apartments, and a median cost of homes of $263,074, 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 47.36% of the borough's housing units. Other types of housing that are prevalent in Hanover include row houses and other attached homes ( 21.52%), duplexes, homes converted to apartments or other small apartment buildings ( 17.33%), and a few large apartment complexes or high rise apartments ( 13.80%).
People in Hanover primarily live in small (one, two or no bedroom) single-family detached homes. Hanover has a mixture of owner-occupied and renter-occupied housing.
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 36.11% of the borough's housing hails from this era. Other housing ages represented in Hanover include homes built before 1939 ( 35.84%) and housing constructed between 1970-1999 ( 20.12%). There's also some housing in Hanover built between 2000 and later ( 7.94%).
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 5.18%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Hanover's appreciation rate, at 6.32%, has been at or slightly above the national average. In the latest quarter, Hanover's appreciation rate has been 2.69%, which annualizes to a rate of 11.20%.
Relative to Pennsylvania, our data show that Hanover's latest annual appreciation rate is lower than 60% 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.
$263,074
for Pennsylvania
for nation
7,169
$1,676 / per month