Hanover Park, IL—60133
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover Park, IL
As of Oct '25, the median home price in Hanover Park, IL is $316,000, with a year-over-year change of 4.2%. This indicates that home prices in Hanover Park, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $316,000 | 4.2% |
| Single Family | $327,000 | 4.1% |
| Condos | $232,000 | 2.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $238,000 | 3.5% |
3 Bed | $314,000 | 4.0% |
4 Bed | $371,000 | 4.2% |
| 5 Bed | $399,000 | 3.4% |
% of Housing Stock
Rental Trends — Hanover Park, IL
As of July '25, Rentcast reports the average rent in Hanover Park, IL is $2,220, with a year-over-year rent change of -6.7%. Per bedroom, the median rent as of July '25 in Hanover Park, IL is studios: $1,740, 1-bedrooms: $1,240, 2-bedrooms: $2,090, 3-bedrooms: $2,410, 4-bedrooms: $2,810. The most common rental property sizes in Hanover Park, IL are 2-bedroom and 3-bedroom, accounting for 40.5% and 23.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,220 |
| Studio Rent | $1,740 | $1,740 |
| 1 Bed Rent | $1,300 | $1,240 |
| 2 Bed Rent | $2,040 | $2,090 |
| 3 Bed Rent | $2,400 | $2,410 |
| 4 Bed Rent | $2,900 | $2,810 |
% of Rental Stock
Property Listings — Hanover Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Hanover Park, IL is 31. This is a increase of 13.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $357,000 | 11.0% |
Listing Count | 81 | 17.0% |
| Listings as % of Homes | 0.5% | 17.0% |
Days on Market | 31 | 13.0% |
Demographics — Hanover Park, IL
As of the latest ACS Survey released in 2023, Hanover Park, IL has a population of 36,800, which has decreased by -4.0% over the past 5 years. Hanover Park, IL is a popular place for families, as children make up 27.5% of the population. The area has a moderately educated workforce, with 29.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 36,800 | -4.0% |
% Under 18 | 27.5% | 5.0% |
% Seniors | 11.2% | 19.1% |
% WFH | 9.9% | 296.0% |
% w/ College Degree | 29.5% | 21.9% |
As of the latest ACS Survey released in 2023, Hanover Park, IL is a predominantly hispanic area, with 39.0% of the population identifying as hispanic. The hispanic population has shrunk by 2.5% in the last 5 years. The second most common race or ethnicity in Hanover Park, IL is white, making up 31.1% of the population. Foreign-born residents account for 35.1% of the population in Hanover Park, IL, and this percentage has increased by 7.0% 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 | 31.1% | -11.4% |
% Black | 7.8% | 23.8% |
% Hispanic | 39.0% | -2.5% |
% Asian | 19.6% | 29.8% |
% Foreign Born | 35.1% | 7.0% |
Mortgage and Risk — Hanover Park, IL
According to HUD data as of 2023, there were 212 mortgage originations in Hanover Park, IL, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Hanover Park, IL. Investor activity is low, as 7.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 212 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 7.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Hanover Park, IL
As of 2024, the percent of homes in Hanover Park, IL under the Section 8 program is 7.0%. 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 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Hanover Park, IL, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 173 |
Total Units Section 8 | 173 |
% Rentals under Section 8 | 7.0% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $400 | $1,300 | $1,700 |
| 2 Bedroom | -$120 | $2,040 | $1,920 |
| 3 Bedroom | $70 | $2,400 | $2,470 |
| 4 Bedroom | $0 | $2,900 | $2,900 |
Affordability — Hanover Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $316,000 |
| Median Household Income | $92,300 |