Hanover, MI—49241
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, MI
As of Oct '25, the median home price in Hanover, MI is $236,000, with a year-over-year change of 1.1%. This indicates that home prices in Hanover, MI are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $236,000 | 1.1% |
| Single Family | $236,000 | 1.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $242,000 | 3.0% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Hanover, MI
Hanover, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Hanover, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover, MI is 100. This is a increase of 69.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $340,000 | 70.0% |
Listing Count | 5 | -22.0% |
| Listings as % of Homes | 0.3% | -22.0% |
Days on Market | 100 | 69.0% |
Demographics — Hanover, MI
As of the latest ACS Survey released in 2023, Hanover, MI has a population of 2,090, which has decreased by -16.1% over the past 5 years. Hanover, MI is a moderately popular place for families, as children make up 18.8% of the population. The area has a poorly educated workforce, with 24.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,090 | -16.1% |
% Under 18 | 18.8% | -11.3% |
% Seniors | 24.6% | 28.8% |
% WFH | 2.4% | -61.9% |
% w/ College Degree | 24.6% | 53.7% |
As of the latest ACS Survey released in 2023, Hanover, MI is a predominantly white area, with 95.3% of the population identifying as white. The white population has shrunk by 0.8% in the last 5 years. The second most common race or ethnicity in Hanover, MI is hispanic, making up 1.6% of the population. Foreign-born residents account for 0.0% of the population in Hanover, MI, and this percentage has decreased by 100.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 95.3% | -0.8% |
% Black | 1.5% | 114.3% |
% Hispanic | 1.6% | 166.7% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.0% | -100.0% |
Mortgage and Risk — Hanover, MI
According to HUD data as of 2023, there were 57 mortgage originations in Hanover, MI, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Hanover, MI. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 57 |
% Conventional Loans | 70.0% |
% Government Loans | 30.0% |
% Investor Loans | 2.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Hanover, MI
Hanover, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 2 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 2.5% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $850 |
| 2 Bedroom | N/A | N/A | $1,040 |
| 3 Bedroom | N/A | N/A | $1,380 |
| 4 Bedroom | N/A | N/A | $1,540 |
Affordability — Hanover, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $236,000 |
| Median Household Income | $81,500 |