Hanover, VA—23069
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, VA
As of Oct '25, the median home price in Hanover, VA is $393,000, with a year-over-year change of 0.3%. This indicates that home prices in Hanover, VA are flat. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $393,000 | 0.3% |
| Single Family | $393,000 | 0.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $259,000 | -0.8% |
3 Bed | $372,000 | 0.5% |
4 Bed | $572,000 | 2.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Hanover, VA
Hanover, VA lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,530 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,100 | $2,250 |
| 4 Bed Rent | $3,100 | $3,100 |
% of Rental Stock
Property Listings — Hanover, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover, VA is 73. 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $404,000 | 12.0% |
Listing Count | 6 | -12.0% |
| Listings as % of Homes | 1.2% | -12.0% |
Days on Market | 73 | -11.0% |
Demographics — Hanover, VA
As of the latest ACS Survey released in 2023, Hanover, VA has a population of 3,390, which has increased by 20.9% over the past 5 years. Hanover, VA is a less popular place for families, as children make up 12.8% of the population. The area has a moderately educated workforce, with 25.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,390 | 20.9% |
% Under 18 | 12.8% | -10.5% |
% Seniors | 23.5% | 35.1% |
% WFH | 18.6% | 190.6% |
% w/ College Degree | 25.1% | 11.6% |
As of the latest ACS Survey released in 2023, Hanover, VA is a predominantly white area, with 74.6% of the population identifying as white. The white population has grown by 7.6% in the last 5 years. The second most common race or ethnicity in Hanover, VA is black, making up 17.8% of the population. Foreign-born residents account for 2.1% of the population in Hanover, VA, and this percentage has increased by 250.0% 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 | 74.6% | 7.6% |
% Black | 17.8% | -30.7% |
% Hispanic | 2.3% | -48.9% |
% Asian | 0.4% | ∞% |
% Foreign Born | 2.1% | 250.0% |
Mortgage and Risk — Hanover, VA
Hanover, VA lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | N/A |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
Rentals and Section 8 — Hanover, VA
Hanover, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,630 |
| 2 Bedroom | N/A | N/A | $1,820 |
| 3 Bedroom | $230 | $2,100 | $2,330 |
| 4 Bedroom | -$240 | $3,100 | $2,860 |
Affordability — Hanover, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $393,000 |
| Median Household Income | $81,700 |