HANOVER MARKET AREA
The Hanover, New Hampshire real estate market registered a record-high ninety-four (94) sales in 2020, up from seventy-nine (79) in 2019. As of December 31, there were an additional four (4) properties active under contract or pending and set to close with the coming months.
When looking at the data for Hanover and most of the greater Hanover market area, nearly all of it points to the extraordinarily high motivation level of buyers, particularly in the second half of the year. Of all 94 closed homes, buyers paid either at or above the seller’s asking price in thirty-seven (37) of those transactions, while the average negotiating discount– percent difference between a home’s list price and sale price– was down from 2019 to 2.99%. Additionally, twenty (20) of all sold/closed homes were over $1 million– up from twelve (12) in 2019 to a new all-time high– creating a record-high average price of $826,404. With inventory flying off the shelves at an unprecedented pace, Hanover buyers were willing to act fast and pay more this year than ever before.
Undoubtedly one the most staggering statistics of Hanover’s 2020 data, however, is that of active listings at year’s end. As of December 31, there were just six (6) single-family homes actively listed on the market, down precipitously from twenty (20) in 2019 to an all-time low. Though we remain optimistic, with buyer demand still high but so little inventory available, it stands to reason that without a considerable infusion of new listings into the market, 2021 could potentially get off to a slower start than usual.
GREATER HANOVER-LEBANON MARKET AREA
The Greater Hanover-Lebanon market area (Hanover, Hartford, Lebanon, Lyme, Norwich, Plainfield, Strafford) also had a banner year in 2020 with 439 sales of single-family homes, eclipsing its 2019 total of 338, a 30% increase. Like the Greater Woodstock area, each town in the GHLA either met or exceeded its 2019 figures for total sales, with Hanover, Hartford, and Lyme setting all-time records. In 200 of the 439 sales that transacted over the year, buyers paid either at or above a seller’s asking price, with the average price of a home reaching $505,604. Not surprisingly, these record totals have left a vacuum in terms of available inventory, as there were just twenty-eight (28) single family homes actively listed in the entire Greater-Hanover market area on December 31 compared to eighty-four (84) at the same point in 2019.
In regard to luxury sales, the Greater Hanover-Lebanon market area saw thirty-six (36) sales of homes that sold/closed for $1 million or more. Snyder Donegan was pleased to represent the buyers, sellers, or both in the highest 2020 individual home sales in Hanover (24 Occom Ridge – $3.1 million) and Lyme (42 Claflin Lane – $2.575 million).
Inventory is now genuinely tight at most price points up to about $1.5 million, and prices clearly rose, particularly in moderate price points and in properties closer to well-known towns like Woodstock and Hanover. Because of this, we are starting to see buyers move both outwards in location from traditional “centers” and upwards in price. And more rural, even “remote” properties have special appeal to those seeking more permanent safety from the COVID storm or a simpler way of life.
HANOVER FY 2020 BY THE NUMBERS
- 94 SOLD single-family homes
- Average Price: $826,404
- Median Price: $728,500
- Total Volume: $77,681,950
- Average Negotiating Discount: 2.99%
- Average Days on the Market: 85
- 4 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $640,975
- Median Price: $719,950
- Average Days on the Market: 191
- 6 ACTIVELY LISTED single-family homes
- Average Price: $1,552,033
- Median Price: $869,150
- Average Days on the Market: 116
Charts illustrating portions of the above information can be found below, followed by a complete list of all 94 properties that closed during FY 2020.
A list of all 94 properties that sold/closed in Hanover in FY 2020 is below.