Hanover, PA 17331 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Hanover, PA—17331

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$284,000

3.9% YoY Growth

Household Income

$76,700

23.4% YoY Growth

Days on Market

12.0% Longer YoY

Home Price Forecast

2.5%

Median Rent

$1,700

16.3% YoY Growth

1-Bed Rent

$925

2.8% YoY Growth

2-Bed Rent

$1,300

0.7% YoY Growth

3-Bed Rent

$1,850

3.9% YoY Growth

Home Price Trends — Hanover, PA

As of Dec '25, the median home price in Hanover, PA is $284,000, with a year-over-year change of 3.9%. This indicates that home prices in Hanover, PA are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$284,000	3.9%
Single Family	$286,000	3.6%
Condos	$232,000	4.0%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

4.0%

1 Bedroom

27.6%

2 Bedrooms

37.6%

3 Bedrooms

27.4%

4 Bedrooms

2.5%

5+ Bedrooms

0.9%

Property Listings — Hanover, PA

As of Dec '25, Realtor.com reports that the median days on market for a home in Hanover, PA is 48. This is a increase of 4.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$349,000	-3.0%
Listing Count	230	13.0%
Listings as % of Homes	0.6%	13.0%
Days on Market	53	12.0%

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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%

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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%

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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%

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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

Hanover, PA—17331

Key Metrics at a Glance

Home Price Trends — Hanover, PA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Hanover, PA

% of Rental Stock

Property Listings — Hanover, PA

Demographics — Hanover, PA

Race and Ethnicity

Mortgage and Risk — Hanover, PA

Mortgages

Rentals and Section 8 — Hanover, PA

Section 8 Market Size

Section 8 Opportunity

Affordability — Hanover, PA

Home Price to Income Ratio

Hanover, PA — ZIP Code Boundary Map

Nearby ZIP Codes

McSherrystown, PA

Abbottstown, PA

Spring Grove, PA

Glenville, PA

Littlestown, PA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.2
Median Home Price	$284,000
Median Household Income	$76,700

Hanover, PA—17331

Key Metrics at a Glance

Home Price Trends — Hanover, PA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Hanover, PA

% of Rental Stock

Property Listings — Hanover, PA

Demographics — Hanover, PA

Race and Ethnicity

Mortgage and Risk — Hanover, PA

Mortgages

Rentals and Section 8 — Hanover, PA

Section 8 Market Size

Section 8 Opportunity

Affordability — Hanover, PA

Home Price to Income Ratio

Hanover, PA — ZIP Code Boundary Map

Nearby ZIP Codes

McSherrystown, PA

Abbottstown, PA

Spring Grove, PA

Glenville, PA

Littlestown, PA

Frequently Asked Questions

What is the average home price in Hanover, PA 17331?

How have home prices in Hanover, PA 17331 changed over the past year?

What is the home price projection for Hanover, PA 17331?

What are the demographics of Hanover, PA 17331?

How long does it take homes to sell in Hanover, PA 17331?

What is the average rent price in Hanover, PA 17331?