North Hanover Township, NJ—08562
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — North Hanover Township, NJ
As of Oct '25, the median home price in North Hanover Township, NJ is $524,000, with a year-over-year change of 2.3%. This indicates that home prices in North Hanover Township, NJ are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $524,000 | 2.3% |
| Single Family | $525,000 | 2.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $466,000 | 3.6% |
4 Bed | $654,000 | 2.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — North Hanover Township, NJ
As of July '25, Rentcast reports the average rent in North Hanover Township, NJ is $1,520, with a year-over-year rent change of 29.9%. Per bedroom, the median rent as of July '25 in North Hanover Township, NJ is 1-bedrooms: $1,070, 2-bedrooms: $1,620, 3-bedrooms: $2,500. The most common rental property sizes in North Hanover Township, NJ are 2-bedroom and 3-bedroom, accounting for 41.8% and 36.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,520 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,080 | $1,070 |
| 2 Bed Rent | $1,500 | $1,620 |
| 3 Bed Rent | $2,500 | $2,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — North Hanover Township, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in North Hanover Township, NJ is 25. This is a decrease of -11.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $523,000 | -9.0% |
Listing Count | 11 | 24.0% |
| Listings as % of Homes | 0.3% | 24.0% |
Days on Market | 25 | -11.0% |
Demographics — North Hanover Township, NJ
As of the latest ACS Survey released in 2023, North Hanover Township, NJ has a population of 4,300, which has decreased by -3.6% over the past 5 years. North Hanover Township, NJ is a moderately popular place for families, as children make up 23.5% of the population. The area has a moderately educated workforce, with 29.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 4,300 | -3.6% |
% Under 18 | 23.5% | -3.3% |
% Seniors | 12.6% | -8.0% |
% WFH | 16.1% | 250.0% |
% w/ College Degree | 29.8% | -3.6% |
As of the latest ACS Survey released in 2023, North Hanover Township, NJ is a predominantly white area, with 66.6% of the population identifying as white. The white population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in North Hanover Township, NJ is hispanic, making up 14.7% of the population. Foreign-born residents account for 10.8% of the population in North Hanover Township, NJ, and this percentage has increased by 16.1% 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 | 66.6% | -5.4% |
% Black | 6.3% | -36.4% |
% Hispanic | 14.7% | 21.5% |
% Asian | 0.6% | -85.0% |
% Foreign Born | 10.8% | 16.1% |
Mortgage and Risk — North Hanover Township, NJ
According to HUD data as of 2023, there were 66 mortgage originations in North Hanover Township, NJ, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in North Hanover Township, NJ. Investor activity is low, as 2.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 66 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — North Hanover Township, NJ
North Hanover Township, NJ lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 53 |
Total Units Section 8 | 53 |
% Rentals under Section 8 | 12.6% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $380 | $1,080 | $1,460 |
| 2 Bedroom | $240 | $1,500 | $1,740 |
| 3 Bedroom | -$400 | $2,500 | $2,100 |
| 4 Bedroom | N/A | N/A | $2,380 |
Affordability — North Hanover Township, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $524,000 |
| Median Household Income | $89,800 |