Hanover Homes: 5 Interesting Facts About Selling Property in Hanover, Virginia

Hanover Homes: 5 Interesting Facts About Selling Property in Hanover, Virginia

Hanover homes are a big topic in real estate these days! Hanover, Virginia is experiencing an uptick in the number of people looking to sell their homes and/or properties, so Blue Marble Properties brings you the 5 most interesting facts about selling property in Hanover, Virginia.

1. The median price for a home in Hanover, VA, was reported as $240,000 this January.  This reflects a 7% dip from last year’s median of 256,863.  This is still significantly higher than the national median of $188,900.  For additional context, it is important to remember that the median home price in the state of Virginia is $232,000; and the median home value within the Richmond city limits is a mere $152,800.
2. Hanover County has the lowest real estate tax in the entire Richmond, VA metropolitan area.  This has attracted a number of businesses (both Richmond-based and national) to the Hanover area. Job growth in the area has also been above the national average, and the Richmond area in general offers one of the nation’s most diversified economies.
3. US News and World Report Education reports that two of the four public high schools in Hanover County won gold, silver, or bronze medals in the Best US Public High School rankings. The Richmond metro area is also home to many prestigious private schools and academies.  This makes Hanover homes especially attractive to families with children!
4.  A few more notes about location that buyers find particularly attractive: Hanover and the Richmond area enjoy access to strategic location and enviable transportation infrastructure.  Hanover is located just 90 miles from Washington D.C., and within a day’s drive (500 miles) of nearly 60% of the country’s population.  As one of the country’s oldest and most historic metro areas, Richmond is a hub for transportation, shipping and tourism; all of which have a positive impact on the area’s economy.
5. Despite these positive selling points, it’s worth mentioning that Hanover was the only Richmond area country where the average price per square foot has dropped in recent years–and that drop was actually quite substantial.  The current $104/sq.ft. mark reflects a decrease of more than 25% from last year’s price.  This trend is difficult to explain, but could have to do with overall migration towards urban centers, as well as the buyer’s market that currently pervades Richmond proper.

A final word

Hanover county is an interesting area both because of its unique benefits (it is a suburban area with a hard-to-find combination of top rated schools and a low real estate tax) and also its puzzling decline in home value.  The increase in sellers further complicates the situation.  Though all avenues are certainly worth investigating, this appears to be a prime market for those interested in selling their Hanover homes to cash-only buyers, as this eliminates many complications and delays that could otherwise affect traditional sales in such a market.  If you’re looking to sell property and/or a home in the Hanover area, contact Blue Marble Property LLC for more information on selling your home for cash!