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Featured local agent — Hanover, IN
Sarah Mitchell
Compass Real Estate · Hanover, IN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Hanover, IN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$186,000median sale price
How is the Hanover, IN housing market right now?
The median home sale price in Hanover, IN is $186,000, down 10.3% year-over-year. Homes sell in an average of 60 days with 7 active listings. The market is currently a balanced 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 a buyer's or seller's market?
Hanover, IN is currently a balanced market, based on 2.3 months of supply and homes selling in about 60 days. How we determine this →
Homes sold
3
Last 12 weeks
Days on market
60
Average pace
Active listings
7
2.3 months supply
Sale-to-list
97.2%
Below asking
What does the Hanover housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $186,000 |
| Median list price | $198,500 |
| Year-over-year price change | -10.3% |
| Average days on market | 60 days |
| Active inventory | 7 listings |
| Months of supply | 2.3 months |
| Sale-to-list price ratio | 97.2% |
| Median price per sq ft | $156/sq ft |
| Homes sold (latest month) | 3 |
| New listings (latest month) | 1 |
| Listings with a price cut | 28.6% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
How much do homes cost in Hanover by property type?
How the Hanover, IN market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $186,000 | $156/sq ft | 3 | 60 days |
| Townhouse | $300,000 | $400/sq ft | 1 | 87 days |
Source: Redfin · Updated monthly
The Hanover housing market is currently classified as a balanced market with a median sale price of $186,000. Prices have fallen 10.3% compared to last year, with homes spending an average of 60 days on market, indicating 2.3 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 3.9x provides context for how home values compare to local earning capacity.
Homes for sale in Hanover
There are currently 7 homes listed for sale in Hanover, Indiana. The median listing price is $199K.
Active listings
7
Homes on market
Median list price
$199K
Avg. days on market
60
Days until sale
New this week
1
Newly listed
Who lives in Hanover?
Population
3,584
Median income
$58,194/yr
Median age
28.8 years
Owner-occupied
67.8%
College grads
16.3%
Avg commute
18.6 min
Source: U.S. Census Bureau ACS
What are homes worth in Hanover?
Zillow home value
$227,100
Price-to-income
3.9x
Source: Zillow Research
What is it like to live in Hanover?
Hanover is a community of approximately 4K residents with a median age of 28.8 years.The median household income is $58,194, which represents a working-class community with solid middle-income opportunities. 16.3% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 67.8%, reflecting strong community stability and long-term resident commitment. The average commute time is 18.6 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Hanover offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Hanover?
3 schools tracked · 1,290 students
The largest public schools serving Hanover, IN 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.
Southwestern Elementary School
Grades PK-5 · 630 students
Southwestern High School
Grades 9-12 · 354 students
Southwestern Middle School
Grades 6-8 · 306 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, IN?
Want a head-to-head view? Compare Hanover side-by-side with any other U.S. city using our market-comparison tool.
Frequently asked questions
What is the average home price in Hanover?
The median home sale price in Hanover is $186,000, down 10.3% from last year.
How long do homes stay on market in Hanover?
Homes typically spend 60 days on market before going under contract.
What is the median income in Hanover?
The median household income is $58,194 per year.
Is Hanover a buyer's or seller's market?
With 2.3 months of supply, Hanover is currently a balanced market.
What is the Zillow home value estimate for Hanover?
The Zillow Home Value Index (ZHVI) for Hanover is $227,100, representing the typical home value in the area.
How much does a single-family home cost in Hanover?
The median single-family home price in Hanover, IN is $186,000 (about $156 per square foot).
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