Hanover County, Virginia Housing Market Prices
Hanover County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 53% above the Virginia median More expensive than 80% of counties in Virginia$392,187
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Median rent 1% above the Virginia median More expensive than 84% of counties in Virginia$1,591
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $392,187 | $256,082 | $248,835 |
| Price Trend (Annual %) | 10.6% | 3.5% | 7.5% |
| Median Gross Rent | $1,591 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hanover County is about 53% higher than in Virginia. Rent is about 1% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Hanover County, up about 10.6% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Hanover County rose about 52.4% between 2015 and 2024, from $1,044 to $1,591. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Hanover County.
Buying the median-priced home in Hanover County costs roughly 20.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hanover County. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $392,187 | $256,082 | $248,835 |
| Median Household Income | $113,167 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.5 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hanover County rose about 119.7%, while median household income rose about 40.3% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 78.6% | 61.5% | 58.5% |
| Rental Rate | 17.1% | 29.8% | 31.2% |
| Vacancy Rate | 4.3% | 8.7% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Hanover County has a homeownership rate of 78.6%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 4.3%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1984 | 1982 | 1978 |
| Median Number of Rooms | 7.1 | 6.0 | 5.5 |
The typical housing unit in Hanover County was built around 1984. On average, 2.6 people live in a home with about 7.1 rooms, staying for about 16.0 years on average.
Hanover County, VA Housing Compared With Nearby Counties
Hanover County, VA is the 3rd largest of the 4 counties compared here, 112,800 residents against a local median of 335,485. The measure that sets Hanover County, VA apart most is median home price: $392,187, 51% above the local median of $259,447.
The counties themselves spread $187,353 on median home price, so Hanover County, VA sits at one end of an already wide local range rather than apart from it. Hanover County, VA has the highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Hanover County, VA | 112,800 | $392,187 #1/4 | $1,591 #2/4 | 82.1% #2/4 |
| Henrico County, VA | 335,485 | $316,992 | $1,541 | 64.5% |
| Caroline County, VA | 32,098 | $129,640 | $1,292 | 82.3% |
| Chesterfield County, VA | 377,744 | $259,447 | $1,629 | 76.7% |
Frequently Asked Questions
Common questions about the housing market in Hanover County, Virginia.
What is the median home price in Hanover County, Virginia?
The median home price in Hanover County, Virginia is $392,187, higher than the Virginia average of $256,082.
What is the average home price in Hanover County, Virginia?
The typical home price in Hanover County, Virginia, reported as the median sale price, is $392,187. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Hanover County, Virginia?
The median gross rent in Hanover County, Virginia is $1,591 per month, higher than the Virginia average of $1,579.
What was the median gross rent in Hanover County in 2020?
In 2020, the median gross rent in Hanover County, Virginia was $1,214 per month.
What is the price-to-rent ratio in Hanover County, Virginia?
The price-to-rent ratio in Hanover County, Virginia is about 20.5, meaning it would take roughly 20.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hanover County.
Are home prices or rent rising faster in Hanover County, Virginia?
Both home prices and rent are rising in Hanover County, up about 10.6% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hanover County, Virginia?
78.6% of households in Hanover County, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Hanover County, Virginia?
The housing vacancy rate in Hanover County, Virginia is 4.3%, lower than the Virginia average of 8.7%.
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