Hanover, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $550,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $550,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $270,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 15,000 |
| Population Change | 1.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends in Hanover, Ontario
The real estate market in Hanover, Ontario currently exhibits stable growth with the median house price standing at $550,000, marking a year-over-year increase of 4%. This indicates a healthy demand for single-family homes in the area. In contrast, apartments are slightly less dynamic with a median price of $320,000 and experiencing a more modest appreciation of 2.5% year-over-year.
A closer examination of the local demographics reveals that Hanover has a population of approximately 15,200 residents, which has been growing at a steady pace of 1.3% annually. This consistent population growth contributes to the sustained demand for housing in the region.
2. Investment Opportunities and Potential in Hanover
In terms of investment potential, single-family homes appear to be the more attractive option given their higher rate of capital appreciation. Investors could benefit from both rental income and equity gains over time driven by the area’s positive population trajectory.
Apartments offer a lower barrier to entry regarding price point and may attract investors looking for long-term rental income opportunities, especially considering Hanover’s growing population and the relative affordability compared to larger metropolitan areas.
With an ongoing upward trend in property values and a stable demographic foundation, both residential properties present viable investment opportunities for different investment strategies and risk profiles.
3. Future Market Outlook for Hanover
The future real estate market outlook for Hanover remains optimistic. The steady increase in property values reflects both local confidence and potential for continued economic growth within the town. As long as the population maintains its upward trajectory, demand for housing should remain robust, thereby supporting property prices.
Coupled with broader economic indicators and regional development projects, Hanover is poised to sustain its real estate market vibrancy. However, potential investors should also consider macroeconomic factors such as interest rates, employment rates, and provincial housing policies that could influence market conditions moving forward.
In conclusion, Hanover presents a balanced real estate market with ongoing growth potential supported by solid demographics. While no market is without risks, current trends suggest a favorable climate for both living and investing in the region.
