Hanover, MN—55341
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hanover, MN
As of Nov '25, the median home price in Hanover, MN is $444,000, with a year-over-year change of 1.3%. This indicates that home prices in Hanover, MN are increasing. According to Zillow, the 1-year price projection is -0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $444,000 | 1.3% |
| Single Family | $444,000 | 0.7% |
| 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 | $419,000 | 1.0% |
4 Bed | $472,000 | 0.6% |
| 5 Bed | $487,557 | -0.5% |
% of Housing Stock
Rental Trends — Hanover, MN
Hanover, MN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,700 | $2,700 |
| 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, MN
As of Nov '25, Realtor.com reports that the median days on market for a home in Hanover, MN is 57. This is a increase of 4.0% 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 | $480,000 | 2.0% |
Listing Count | 26 | -47.0% |
| Listings as % of Homes | 3.1% | -47.0% |
Days on Market | 57 | 4.0% |
Demographics — Hanover, MN
As of the latest ACS Survey released in 2023, Hanover, MN has a population of 3,450, which has increased by 7.1% over the past 5 years. Hanover, MN is a popular place for families, as children make up 32.2% of the population. The area has a highly educated workforce, with 48.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,450 | 7.1% |
% Under 18 | 32.2% | -9.8% |
% Seniors | 8.9% | 43.5% |
% WFH | 22.8% | 156.2% |
% w/ College Degree | 48.0% | 3.7% |
As of the latest ACS Survey released in 2023, Hanover, MN is a predominantly white area, with 90.7% of the population identifying as white. The white population has shrunk by 5.8% in the last 5 years. The second most common race or ethnicity in Hanover, MN is asian, making up 2.6% of the population. Foreign-born residents account for 2.0% of the population in Hanover, MN, and this percentage has decreased by 16.7% 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 | 90.7% | -5.8% |
% Black | 0.0% | N/A |
% Hispanic | 0.8% | -46.7% |
% Asian | 2.6% | 52.9% |
% Foreign Born | 2.0% | -16.7% |
Mortgage and Risk — Hanover, MN
Hanover, MN 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 |
Rentals and Section 8 — Hanover, MN
Hanover, MN 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 | $1,220 |
| 2 Bedroom | N/A | N/A | $1,490 |
| 3 Bedroom | N/A | N/A | $1,980 |
| 4 Bedroom | N/A | N/A | $2,240 |
Affordability — Hanover, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $444,000 |
| Median Household Income | $148,000 |