Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 36,376 people, 11,113 houses or apartments, and a median cost of homes of $353,716, Hanover Park real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Hanover Park, accounting for 52.73% of the village's housing units. Other types of housing that are prevalent in Hanover Park include row houses and other attached homes ( 30.63%), large apartment complexes or high rise apartments ( 13.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.45%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hanover Park. Owner-occupied housing accounts for 75.21% of Hanover Park's homes, and 69.89% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Hanover Park built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Hanover Park built between 1940-1969 ( 24.01%). A lesser amount of the housing stock also hails from between 2000 and later ( 4.11%). There's also some housing in Hanover Park built before 1939 ( 1.03%).
Appreciation rates for homes in Hanover Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.66%, which ranks in the top 40% nationwide. This equates to an annual average Hanover Park house appreciation rate of 7.11%.
Appreciation rates are so strong in Hanover Park that despite a nationwide downturn in the housing market, Hanover Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hanover Park appreciation rates continue to be some of the highest in America, at 9.28%, which is higher than appreciation rates in 82.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hanover Park. Hanover Park appreciation rates in the latest quarter were at 2.79%, which equates to an annual appreciation rate of 11.63%.
Relative to Illinois, our data show that Hanover Park's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.
One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Hanover Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hanover Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Hanover Park real estate investment or home purchase decisions.
$353,716
for Illinois
for nation
11,113
$2,924 / per month