Hanover County, Virginia Housing Market
In Hanover County, Virginia, the median home value is $400,400, with a median monthly rent of $1,591. This places Hanover County at #285 nationally out of 3134 counties by median home value, and #24 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,161
- Establishments: 4,181
- BLS QCEW, 2025
Housing Supply
- Single-family: 279
- Multi-family: 232
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 47,424 (avg $113,272)
- Outflow: 44,883 (avg $114,330)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 5 active ZIP codes in Hanover County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 23111 | 260.9 | +6.71% | 2025 |
| 2 | 23005 | 255.1 | -0.55% | 2025 |
| 3 | 23024 | 311.1 | +4.45% | 2025 |
| 4 | 23116 | 245.6 | +0.21% | 2025 |
| 5 | 23192 | 237.9 | +5.14% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Hanover County Compares
| Metric | Hanover County | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $400,400 | $295,807 | $227,706 |
| Median Gross Rent | $1,591 | $1,169 | $968 |
| Owner Occupancy Rate | 82.1% | 70.8% | 73.3% |
| Price/Rent Ratio | 21.0 | 20.3 | 18.7 |
Market Analysis
The median home value in Hanover County is 35.4% above the Virginia state average and 75.8% above the U.S. national average. The median rent of $1,591/month is 36.1% above the state average.
With a price-to-rent ratio of 21.0, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Hanover County has an owner-occupancy rate of 82.1%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Poquoson city | Virginia | $400,300 | $1,707 |
| Park County | Wyoming | $400,500 | $925 |
| Dutchess County | New York | $400,600 | $1,582 |
| Hays County | Texas | $399,800 | $1,495 |
| Ocean County | New Jersey | $398,400 | $1,755 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Poquoson city | $400,300 | $1,707 | 84.6% |
| Spotsylvania County | $404,900 | $1,779 | 80.1% |
| Manassas Park city | $395,900 | $2,146 | 66.5% |
| New Kent County | $393,600 | $1,721 | 92.6% |
| Culpeper County | $409,200 | $1,423 | 75.0% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).