Published October 12, 2026 in Market Update

Hanover is not moving at one speed

By Mike Boone

Real estate, DOTW + Market Udates: Hanover

The National Association of Realtors counted 4.9 months of supply nationally, the highest level in over ten years. In Hanover, the Real Estate Data Aggregator tells a different story: one ZIP code sits at 1.5 months of supply, another at 8.4 months. That gap is not a rounding difference. It is a different negotiating table entirely.

These numbers cover the three months ending August 31, 2026. Freddie Mac put the 30-year fixed rate at 7.40% as of October 8, 2026. Rates at that level slow buyers down nationally. In parts of Hanover, demand is running fast anyway. In others, sellers are waiting.

Months of supply by ZIP code

Six of the seven ZIP codes the Real Estate Data Aggregator tracks here sit at 3.3 months or less. ZIP 23047 is at 8.4 months. At that level, buyers have room to negotiate. Sellers there are competing with each other, not with buyers.

The tight end: 23116 and 23111

ZIP 23116 is the busiest ZIP in this market. The Real Estate Data Aggregator counted 128 homes sold in the three months ending August 31, 2026. The median sale price was $538,700, up 0.2% from the same months of 2025. Homes went under contract in a median of 15 days. Nearly half, 47.1%, went under contract within two weeks of listing.

ZIP 23111 was close behind with 148 homes sold. The median sale price was $426,000, up 9.2% year over year. Median days on market was 17. The Real Estate Data Aggregator showed 45.3% of homes going under contract within two weeks.

Strong activity in 23005 and 23192

ZIP 23005, the Ashland area, had 94 homes sold, up 56.7% from the same three months of 2025. The Real Estate Data Aggregator put the median sale price at $503,750, up 16.3%. Homes sold at 100.1% of list price on average. Nearly half, 45.5%, went under contract within two weeks.

ZIP 23192, the Montpelier area, had 33 homes sold, up 65% year over year. The median sale price was $585,000, up 23.2%. New listings jumped 135.3%, and months of supply rose to 3.3. More choices arrived for buyers, but homes still sold in a median of 19 days.

23015: fewer listings, faster competition

ZIP 23015, the Beaverdam area, had 25 homes sold, up 150% from a year ago. New listings fell 27.3%, tightening supply to 2.2 months. The median sale price was $515,000, down 19.5% from the same months of 2025. That drop likely reflects a mix shift in what sold, not a broad price decline. Homes averaged 101.5% of list price. Nearly half, 48%, sold above list.

23047: the one ZIP where buyers have leverage

ZIP 23047 is a different market. The Real Estate Data Aggregator counted 4 homes sold and 11 homes for sale in the three months ending August 31, 2026. That puts months of supply at 8.4. Homes averaged 92.4% of list price. Not one home sold above list price. Buyers who can wait and negotiate have room to do so here.

23069: small sample, tight conditions

ZIP 23069 had only 12 homes sold and 5 for sale, per the Real Estate Data Aggregator. Months of supply was 1.3, the tightest in Hanover. Homes sold at 98.8% of list price. Only 12.5% went under contract within two weeks. The low volume makes each sale carry more weight, so read these numbers with caution.

The broader picture

Across all seven ZIP codes, the Real Estate Data Aggregator counted 444 homes sold, 430 new listings, 383 pending sales and 283 homes for sale in the three months ending August 31, 2026. VAR reported 28,560 active listings statewide at the end of August 2026 and 8,985 closed sales in August alone, with a statewide median sold price of $449,000. Hanover's median prices in most ZIPs run above that statewide figure.

Freddie Mac put the 30-year fixed rate at 7.40% and the 15-year at 6.73% as of October 8, 2026. Realtor.com reported active listings up 6.7% from a year ago nationally as of October 8, 2026. In Hanover, most ZIPs are not seeing that kind of inventory build. ZIP 23047 is the exception.

These are ZIP-level numbers. One street, one neighborhood or one price point inside a ZIP can read very differently from the whole. If you want to know where your specific address lands, reach out.