Hanover, IN—47243
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, IN
As of Oct '25, the median home price in Hanover, IN is $207,000, with a year-over-year change of 6.2%. This indicates that home prices in Hanover, IN are increasing. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $207,000 | 6.2% |
| Single Family | $207,000 | 6.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $145,000 | 5.1% |
3 Bed | $203,000 | 6.3% |
4 Bed | $270,000 | 5.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Hanover, IN
As of July '25, Rentcast reports the average rent in Hanover, IN is $875, with a year-over-year rent change of -58.1%. Per bedroom, the median rent as of July '25 in Hanover, IN is studios: $850, 2-bedrooms: $900. The most common rental property sizes in Hanover, IN are 3-bedroom and 2-bedroom, accounting for 36.1% and 29.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $850 | $875 |
| Studio Rent | $850 | $850 |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $900 | $900 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Hanover, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover, IN is 54. This is a increase of 17.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $292,000 | 9.0% |
Listing Count | 31 | 24.0% |
| Listings as % of Homes | 0.5% | 24.0% |
Days on Market | 54 | 17.0% |
Demographics — Hanover, IN
As of the latest ACS Survey released in 2023, Hanover, IN has a population of 6,240, which has increased by 3.0% over the past 5 years. Hanover, IN is a moderately popular place for families, as children make up 19.4% of the population. The area has a poorly educated workforce, with 19.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,240 | 3.0% |
% Under 18 | 19.4% | -8.9% |
% Seniors | 15.3% | 0.7% |
% WFH | 4.7% | 9.3% |
% w/ College Degree | 19.2% | 0.5% |
As of the latest ACS Survey released in 2023, Hanover, IN is a predominantly white area, with 91.5% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Hanover, IN is hispanic, making up 5.1% of the population. Foreign-born residents account for 1.6% of the population in Hanover, IN, and this percentage has increased by 23.1% 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 | 91.5% | -4.0% |
% Black | 0.8% | -52.9% |
% Hispanic | 5.1% | 363.6% |
% Asian | 0.2% | 0.0% |
% Foreign Born | 1.6% | 23.1% |
Mortgage and Risk — Hanover, IN
According to HUD data as of 2023, there were 89 mortgage originations in Hanover, IN, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Hanover, IN. Investor activity is low, as 2.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 89 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Hanover, IN
Hanover, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 21 |
Total Units Section 8 | 21 |
% Rentals under Section 8 | 3.6% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $970 |
| 2 Bedroom | $280 | $900 | $1,180 |
| 3 Bedroom | N/A | N/A | $1,540 |
| 4 Bedroom | N/A | N/A | $1,760 |
Affordability — Hanover, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $207,000 |
| Median Household Income | $66,300 |