Hanover, MA—02339
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, MA
As of Oct '25, the median home price in Hanover, MA is $791,000, with a year-over-year change of 0.9%. This indicates that home prices in Hanover, MA are flat. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $791,000 | 0.9% |
| Single Family | $800,000 | 1.7% |
| Condos | $741,000 | 1.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $670,000 | 2.6% |
3 Bed | $703,000 | 1.4% |
4 Bed | $945,000 | 1.8% |
| 5 Bed | $1,120,000 | 1.5% |
% of Housing Stock
Rental Trends — Hanover, MA
As of July '25, Rentcast reports the average rent in Hanover, MA is $2,570, with a year-over-year rent change of -22.8%. Per bedroom, the median rent as of July '25 in Hanover, MA is 1-bedrooms: $2,110, 2-bedrooms: $3,180. The most common rental property sizes in Hanover, MA are 1-bedroom and 2-bedroom, accounting for 61.4% and 29.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,570 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,880 | $2,110 |
| 2 Bed Rent | $3,500 | $3,180 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Hanover, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover, MA is 24. This is a increase of 25.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 50.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $839,000 | 16.0% |
Listing Count | 20 | -4.0% |
| Listings as % of Homes | 0.2% | -4.0% |
Days on Market | 24 | 25.0% |
Demographics — Hanover, MA
As of the latest ACS Survey released in 2023, Hanover, MA has a population of 14,800, which has increased by 2.8% over the past 5 years. Hanover, MA is a popular place for families, as children make up 26.6% of the population. The area has a highly educated workforce, with 56.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,800 | 2.8% |
% Under 18 | 26.6% | 0.8% |
% Seniors | 15.6% | -6.6% |
% WFH | 20.1% | 272.2% |
% w/ College Degree | 56.5% | 15.3% |
As of the latest ACS Survey released in 2023, Hanover, MA is a predominantly white area, with 89.6% of the population identifying as white. The white population has shrunk by 7.4% in the last 5 years. The second most common race or ethnicity in Hanover, MA is asian, making up 2.4% of the population. Foreign-born residents account for 4.1% of the population in Hanover, MA, and this percentage has increased by 51.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.6% | -7.4% |
% Black | 0.7% | -12.5% |
% Hispanic | 0.9% | 200.0% |
% Asian | 2.4% | 166.7% |
% Foreign Born | 4.1% | 51.9% |
Mortgage and Risk — Hanover, MA
According to HUD data as of 2023, there were 310 mortgage originations in Hanover, MA, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 43.0%, with 6.0% above 90% LTV (normal). This implies small mortgage risk in Hanover, MA. Investor activity is low, as 1.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 310 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Hanover, MA
Hanover, MA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 257 |
Total Units Section 8 | 257 |
% Rentals under Section 8 | 39.2% |
% Occupied Section 8 | 97.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $260 | $1,880 | $2,140 |
| 2 Bedroom | -$950 | $3,500 | $2,550 |
| 3 Bedroom | N/A | N/A | $3,080 |
| 4 Bedroom | N/A | N/A | $3,390 |
Affordability — Hanover, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $791,000 |
| Median Household Income | $175,000 |