Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $348,288 | $257,048 | $242,182 |
| Price Trend (Annual %) | 10.3% | 4.1% | 8.2% |
| Median Gross Rent | $1,495 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hanover County is about 35% higher than in Virginia. Rent is about 1% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Hanover County, up about 10.3% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Hanover County rose about 43.2% between 2015 and 2023, from $1,044 to $1,495. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Hanover County.
Buying the median-priced home in Hanover County costs roughly 19.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Hanover County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $348,288 | $257,048 | $242,182 |
| Median Household Income | $109,758 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hanover County rose about 95.1%, while median household income rose about 43.2% between 2009 and 2023 — 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 | 79.1% | 61.1% | 58.2% |
| Rental Rate | 16.4% | 29.9% | 31.3% |
| Vacancy Rate | 4.5% | 9.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Hanover County has a homeownership rate of 79.1%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 4.5%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1983 | 1981 | 1978 |
| Median Number of Rooms | 7.1 | 6.0 | 5.5 |
The typical housing unit in Hanover County was built around 1983. On average, 2.6 people live in a home with about 7.1 rooms, staying for about 16.0 years on average.
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 $348,288, higher than the Virginia average of $257,048.
What is the average home price in Hanover County, Virginia?
The typical home price in %s, reported as the median sale price, is %s. 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 $1,495 per month, lower than the Virginia average of $1,514.
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 19.4, meaning it would take roughly 19.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective 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 10.3% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hanover County, Virginia?
79.1% of households in Hanover County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Hanover County, Virginia?
The housing vacancy rate in Hanover County, Virginia is 4.5%, lower than the Virginia average of 9.0%.