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Featured local agent — Hanover Park, IL
Sarah Mitchell
Compass Real Estate · Hanover Park, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Hanover Park, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$315,000median sale price
How is the Hanover Park, IL housing market right now?
The median home sale price in Hanover Park, IL is $315,000, down 6.0% year-over-year. Homes sell in an average of 36 days with 79 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Hanover Park a buyer's or seller's market?
Hanover Park, IL is currently a seller's market, based on 2.5 months of supply and homes selling in about 36 days. How we determine this →
Homes sold
31
Last 12 weeks
Days on market
36
Average pace
Active listings
79
2.5 months supply
Sale-to-list
102.9%
Above asking
What does the Hanover Park housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $315,000 |
| Median list price | $335,000 |
| Year-over-year price change | -6.0% |
| Average days on market | 36 days |
| Active inventory | 79 listings |
| Months of supply | 2.5 months |
| Sale-to-list price ratio | 102.9% |
| Median price per sq ft | $231/sq ft |
| Homes sold (latest month) | 31 |
| New listings (latest month) | 49 |
| Listings with a price cut | 10.1% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Hanover Park by property type?
How the Hanover Park, IL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $372,000 | $260/sq ft | 15 | 33 days |
| Condo / Co-op | $222,500 | $209/sq ft | 2 | 89 days |
| Townhouse | $268,000 | $222/sq ft | 14 | 35 days |
Source: Redfin · Updated monthly
The Hanover Park housing market is currently classified as a seller's market with a median sale price of $315,000. Prices have fallen 6.0% compared to last year, with homes spending an average of 36 days on market, indicating 2.5 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 3.6x provides context for how home values compare to local earning capacity.
Market trends
Homes for sale in Hanover Park
There are currently 79 homes listed for sale in Hanover Park, Illinois. The median listing price is $335K.
Active listings
79
Homes on market
Median list price
$335K
Avg. days on market
36
Days until sale
New this week
49
Newly listed
Who lives in Hanover Park?
Population
36,850
Median income
$92,263/yr
Median age
35 years
Owner-occupied
76.0%
College grads
29.5%
Avg commute
29.3 min
Source: U.S. Census Bureau ACS
What are homes worth in Hanover Park?
Zillow home value
$332,998
Zillow rent index
$2,436/mo
Price-to-rent ratio
11.4x
Price-to-income
3.6x
Source: Zillow Research
What is it like to live in Hanover Park?
Hanover Park is a community of approximately 37K residents with a median age of 35 years.The median household income is $92,263, which reflects a relatively affluent area with strong earning potential. 29.5% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 76.0%, reflecting strong community stability and long-term resident commitment. The average commute time is 29.3 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Hanover Park offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Hanover Park?
11 schools tracked · 4,040 students
The largest public schools serving Hanover Park, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Hanover Highlands Elem School
Grades K-6 · 558 students
Greenbrook Elem School
Grades PK-5 · 451 students
Albert Einstein Elem School
Grades K-6 · 448 students
Spring Wood Middle School
Grades 6-8 · 436 students
Horizon Elem School
Grades PK-6 · 413 students
Ontarioville Elem School
Grades PK-6 · 406 students
Laurel Hill Elem School
Grades PK-6 · 406 students
Parkwood Elem School
Grades PK-6 · 344 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Hanover Park, IL?
Want a head-to-head view? Compare Hanover Park side-by-side with any other U.S. city using our market-comparison tool.
Is Hanover Park a good real estate investment market?
For investors evaluating Hanover Park, the price-to-rent ratio of 11.4x suggests potential rental yield opportunity, making the market attractive for income-focused investors. The market has softened 6.0% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Hanover Park's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Hanover Park's median home price.
Frequently asked questions
What is the average home price in Hanover Park?
The median home sale price in Hanover Park is $315,000, down 6.0% from last year.
How long do homes stay on market in Hanover Park?
Homes typically spend 36 days on market before going under contract.
What is the median income in Hanover Park?
The median household income is $92,263 per year.
Is Hanover Park a buyer's or seller's market?
With 2.5 months of supply, Hanover Park is currently a seller's market.
What is the Zillow home value estimate for Hanover Park?
The Zillow Home Value Index (ZHVI) for Hanover Park is $332,998, representing the typical home value in the area.
What is the median condo price in Hanover Park?
The median condo/co-op sale price in Hanover Park, IL is $222,500, compared to $372,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Hanover Park?
The median single-family home price in Hanover Park, IL is $372,000 (about $260 per square foot).
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