Hanover, MD—21076
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, MD
As of Oct '25, the median home price in Hanover, MD is $533,000, with a year-over-year change of 0.7%. This indicates that home prices in Hanover, MD are flat. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $533,000 | 0.7% |
| Single Family | $539,000 | 0.4% |
| Condos | $434,000 | 0.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $373,000 | 0.0% |
3 Bed | $514,000 | 0.2% |
4 Bed | $586,000 | 0.2% |
| 5 Bed | $720,000 | 0.3% |
% of Housing Stock
Rental Trends — Hanover, MD
As of July '25, Rentcast reports the average rent in Hanover, MD is $3,000, with a year-over-year rent change of 6.0%. Per bedroom, the median rent as of July '25 in Hanover, MD is 1-bedrooms: $1,330, 2-bedrooms: $2,610, 3-bedrooms: $3,150, 4-bedrooms: $3,360. The most common rental property sizes in Hanover, MD are 2-bedroom and 1-bedroom, accounting for 44.1% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,100 | $3,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,330 |
| 2 Bed Rent | $2,500 | $2,610 |
| 3 Bed Rent | $3,100 | $3,150 |
| 4 Bed Rent | $3,400 | $3,360 |
% of Rental Stock
Property Listings — Hanover, MD
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover, MD is 43. This is a increase of 33.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $566,000 | 3.0% |
Listing Count | 104 | 45.0% |
| Listings as % of Homes | 0.6% | 45.0% |
Days on Market | 43 | 33.0% |
Demographics — Hanover, MD
As of the latest ACS Survey released in 2023, Hanover, MD has a population of 23,600, which has increased by 37.4% over the past 5 years. Hanover, MD is a moderately popular place for families, as children make up 20.1% of the population. The area has a highly educated workforce, with 55.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,600 | 37.4% |
% Under 18 | 20.1% | 4.1% |
% Seniors | 10.2% | 8.5% |
% WFH | 19.1% | 267.3% |
% w/ College Degree | 55.1% | 1.8% |
As of the latest ACS Survey released in 2023, Hanover, MD is a predominantly white area, with 37.2% of the population identifying as white. The white population has shrunk by 23.5% in the last 5 years. The second most common race or ethnicity in Hanover, MD is black, making up 31.5% of the population. Foreign-born residents account for 19.6% of the population in Hanover, MD, and this percentage has increased by 21.7% 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 | 37.2% | -23.5% |
% Black | 31.5% | 10.9% |
% Hispanic | 9.6% | 81.1% |
% Asian | 15.1% | 18.9% |
% Foreign Born | 19.6% | 21.7% |
Mortgage and Risk — Hanover, MD
According to HUD data as of 2023, there were 286 mortgage originations in Hanover, MD, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Hanover, MD. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 286 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Hanover, MD
As of 2024, the percent of homes in Hanover, MD under the Section 8 program is 2.7%. 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. In Hanover, MD, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 115 |
Total Units Section 8 | 115 |
% Rentals under Section 8 | 2.7% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,340 | $1,000 | $2,340 |
| 2 Bedroom | $360 | $2,500 | $2,860 |
| 3 Bedroom | $580 | $3,100 | $3,680 |
| 4 Bedroom | $710 | $3,400 | $4,110 |
Affordability — Hanover, MD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $533,000 |
| Median Household Income | $143,000 |