Hanover, PA—17331
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, PA
As of Oct '25, the median home price in Hanover, PA is $285,000, with a year-over-year change of 4.0%. This indicates that home prices in Hanover, PA are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $285,000 | 4.0% |
| Single Family | $287,000 | 4.0% |
| Condos | $231,000 | 3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $149,000 | 4.2% |
2 Bed | $222,000 | 5.2% |
3 Bed | $276,000 | 4.2% |
4 Bed | $388,000 | 3.7% |
| 5 Bed | $460,000 | 3.1% |
% of Housing Stock
Rental Trends — Hanover, PA
As of July '25, Rentcast reports the average rent in Hanover, PA is $1,640, with a year-over-year rent change of 16.3%. Per bedroom, the median rent as of July '25 in Hanover, PA is 1-bedrooms: $1,060, 2-bedrooms: $1,350, 3-bedrooms: $1,850, 4-bedrooms: $2,210. The most common rental property sizes in Hanover, PA are 2-bedroom and 1-bedroom, accounting for 37.6% and 27.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,640 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $925 | $1,060 |
| 2 Bed Rent | $1,300 | $1,350 |
| 3 Bed Rent | $1,850 | $1,850 |
| 4 Bed Rent | $2,000 | $2,210 |
% of Rental Stock
Property Listings — Hanover, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover, PA is 43. This is a decrease of -10.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $353,000 | 0.0% |
Listing Count | 273 | 23.0% |
| Listings as % of Homes | 0.6% | 23.0% |
Days on Market | 43 | -10.0% |
Demographics — Hanover, PA
As of the latest ACS Survey released in 2023, Hanover, PA has a population of 55,400, which has increased by 7.2% over the past 5 years. Hanover, PA is a moderately popular place for families, as children make up 21.8% of the population. The area has a poorly educated workforce, with 22.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 55,400 | 7.2% |
% Under 18 | 21.8% | 1.9% |
% Seniors | 19.6% | -0.5% |
% WFH | 8.4% | 127.0% |
% w/ College Degree | 22.5% | 1.8% |
As of the latest ACS Survey released in 2023, Hanover, PA is a predominantly white area, with 85.9% of the population identifying as white. The white population has shrunk by 5.2% in the last 5 years. The second most common race or ethnicity in Hanover, PA is hispanic, making up 6.8% of the population. Foreign-born residents account for 3.7% of the population in Hanover, PA, and this percentage has increased by 19.4% 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 | 85.9% | -5.2% |
% Black | 2.8% | 40.0% |
% Hispanic | 6.8% | 38.8% |
% Asian | 1.2% | 20.0% |
% Foreign Born | 3.7% | 19.4% |
Mortgage and Risk — Hanover, PA
According to HUD data as of 2023, there were 1205 mortgage originations in Hanover, PA, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Hanover, PA. Investor activity is low, as 1.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,205 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Hanover, PA
As of 2024, the percent of homes in Hanover, PA under the Section 8 program is 4.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Hanover, PA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 263 |
Total Units Section 8 | 200 |
% Rentals under Section 8 | 4.0% |
% Occupied Section 8 | 88.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $155 | $925 | $1,080 |
| 2 Bedroom | $50 | $1,300 | $1,350 |
| 3 Bedroom | -$30 | $1,850 | $1,820 |
| 4 Bedroom | -$100 | $2,000 | $1,900 |
Affordability — Hanover, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $285,000 |
| Median Household Income | $76,700 |