Hanover, Massachusetts

The Real Estate Market In Hanover, MA

Hanover is located in Plymouth County approximately 20 miles southeast of Boston on the South Shore of Massachusetts. The town had a population of 13,879 in the 2010 U.S. Census and covers an area of 15.7 square miles. It is the 137th largest community by population in the state and 240th largest community by size. It is covered by the 02339 zip code, and it borders the North and Indian Head rivers on the south and southeast and the Third Herring Brook on the east.

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Single-Family Houses

In the recent single-family home market there have been 45 homes listed, ranging from $315,000 three bedroom, one bath 1186 square-foot home built in 1953 that sits on a .28 acre lot to a $2,795,000 five bedroom, five bath 5186 square-foot house built in 1900 that sits on a .39 acre lot. The median time a home stays on the market is 103 days.

Though this community is more expensive than the national average, there are several positive factors of its single-family housing market. First, the local market is healthy. When purchasing a single family home it is important to consider the overall health of the local housing market. Experts recommend looking at these factors to determine an area’s property health:

Steady rise in prices—A rise in prices of 5% annually is a healthy rate. The value of homes in the town is increasing annually at a good percentage. The median home value in the town is $497,300.00, up 4.8% this last year. Experts forecast that this upward trend in prices will continue into 2019 with a 3.3% increase.

Months’ supply--A healthy market does not have too many homes on the market. Property professionals see a six months’ supply as a good number. This town had 126 homes sold over the last six months, so with a current inventory of 45 homes on the market this means supply is lean and favors sellers.

Days on the market--How long a house sits on the market is another health indicator. The average length on the market for this town is 103 days, which may mean the market may favor buyers.

List to sale ratio--Another indicator of local market health is how list prices compare to the actual sale prices. This town’s median list price is $570,000, and the median closing price is $565,000 for a 99 % ratio. This indicates that houses are priced accurately for the market. It also reveals that there are not generally bidding “wars” between sellers that push prices up.

Mortgage delinquency rates-- There is a 0.7% rate of delinquent mortgages in the town. This is much better than the 1.6% delinquency rate of mortgages nationally. Another promising indicator of the local property market’s health is the percentage of homes with a negative equity, meaning the owner owes more on the home than its current value. In this town, 4.3% of homes have negative equity as compared to 10.4% nationally.

Second, the town is a good location to purchase a home when compared to some nearby communities. The price of a home in the community is more economical than many nearby areas. A home’s average price per square-foot is $265 in the community. This compares favorably with the price of homes in other nearby communities of Chasset, Hingham, and Norwell, all of which have much more expensive home prices.

Finally, the trends of home ownership are positive. The majority of single-family homes in the town are occupied by owners. This reflects stability in the community and also improves the economic strength in the area. Researchers have discovered that when owners occupy single-family homes it is beneficially economically to a community. In a study published in 2002, researcher N. Edward Coulson concluded that owner-occupied homes provide external benefits worth $21.83 billion per year nationally.

Condos / Townhouses

There are several condo/townhouse communities located in the town. The following is a brief description of some of these:

Sconset Landing

Located on 60 wooded acres just off of Route 53, this is one of the newest condominium communities in the area. When it is fully developed it will have 130 homes. There are several amenities included in this development: well-maintained landscaping, a community clubhouse call “The Landing” that has kitchen facilities and a great room for entertaining and a fitness area. Each home has its own private deck, patio, or balcony depending on the design. Interior design of the homes include hardwood floors, granite countertops, stainless steel appliances and bathroom/laundry room tile floors. There are no age restrictions on residents.

Village At Walnut Creek

Located just off of Route 123, this is a condominium complex for +55 people. There are 59 two-story homes with open floor plans and private decks in the back. The master bedroom is located on the first floor with a walk-in closet and a master bath. The second bedroom is located upstairs, as well as an area for an office, den, or sitting room. The community amenities include a clubhouse that contains a library, fitness room, and game room.

The Elms of Hanover

There are 51 homes in this +55 development that was built in 2003-2004. The 2258 square-foot homes have two bedrooms and two-and-a-half bathrooms. They also have an attached one-car garage. Gas fireplaces, granite countertops, and stainless steel appliances are featured in some of the homes. A clubhouse with a kitchen, large hall and recreation hall is included in the amenities. The price of homes in this community ranges from the mid $400s to high $400s.

Spring Meadow

This +55 condominium complex has 39 homes located in a scenic wooded area. It includes amenities such as a clubhouse with a great room for entertaining, exercise facility, arts and crafts studio and a game room. Also included on the property are bocce courts, horseshoe pits, croquet yard, and a putting green. Two miles of trails along with an outdoor pavilion picnic area complete the exterior features. The size of the two-bedroom homes ranges from 2,383 to 2570 square-foot. Each home has an attached two-car garage. Some feature cathedral ceilings, hardwood floors, granite countertops, and fireplaces.

There are currently 23 condos/townhouses on the market in the town. They range in price from $399,900 to $875,000. The average price is $459,600. Most of these are located in the northern section of town. This compares very favorably to prices in the nearby community of Hingham, which lies to the north of town. Hingham’s average condo/townhouse price is $724,900.

An important detail to consider when shopping for a condo/townhouse is the cost of homeowner association fees (HOA). Buyers are often required to join the local homeowner’s association and pay the monthly or annual assessed fees that provide for the maintenance of the buildings and grounds of the common areas. Several factors may affect HOA fees: the age of the complex, the size of the unit, the location and amenities of the complex. The condos/townhouses currently on the market have HOA fees ranging from $203 to $508 a month. The average is $414.65 a month.

Apartments

The median price of apartment rent in the town is $2080 a month. A little over 16% of the town’s population are renters and just under 12% of the dwellings in the area are apartments. The cost of renting varies greatly across the town. In Town Center section, the average monthly rent is $1589, which is lower than 58% of other neighborhoods across the state. The North Hanover/West Hanover area is much higher in rent with a monthly average of $2080, which means it is higher than 72.5% of neighborhoods in the state.

The following is a brief description of some of the apartment complexes in the town:

Northpoint Apartments

This complex offers one and two-bedroom units and is located near Route 3 and the MBTA Commuter Rail. It was built in 2005 and offers several amenities, including a fitness center and a pet-friendly policy. It ranges from $2000-$2500 for monthly rent. The size of a two-bedroom unit is 952 square feet. The units feature hardwood floors, carpet, granite countertops, tile floors, and vaulted ceilings.

Webster Village

This new complex was completed in 2017 and includes 76 units situated in four story buildings. The one-bedroom, one-bath units range from 814 square feet to 923 square feet in area, while the two-bedroom, two-bath units range from 1164 square feet to 1248 square feet in area. The complex is pet friendly, but charges a monthly pet rental fee--$50 for a dog and $25 for cat. The units feature hardwood floors, carpet, wheelchair-accessible rooms, and walk-in closets. They also either have a patio or balcony, depending on their location. The complex also has a fitness center and game room. Rent ranges from $2050-2075 for one-bedroom units and $2400-$3000 for two-bedroom units.

Cushing Residence

This complex was built in 1982. It includes 150 units over three stories. It offers a clubhouse, high-speed internet access and smoke free units. Services available are onsite laundry facilities, video patrol, and trash pickup services. The complex offers several floor plans: studio, one, two, three, and four-bedroom units. Rent for the units vary not only by size, but also by the units rating as premium units are offered at each size. The average rent for a 475 square-foot studio unit is $1125. The average rent for larger units are: one-bedroom rent is $1896; two-bedroom rent is $2416; three-bedroom rent is $2350; four-bedroom rent is $3087.

Hanover Woods

This complex was built in 1989 and has 60 units divided into two stories. It offers one, two, and three-bedroom units. The one-bedroom, one-bath units have an area of 870 square feet and rent for $1450. The two-bedroom, two-bath units have an area of 1000 square feet and rent for $1750. The three-bedroom, one-and-a-half bath units have an area of 1175 square feet and rent for $2250. Pets are with a 20-pound weight limit. Amenities include a clubhouse, fitness center, playground and onsite laundry facilities. Units feature walk-in closets. All units are smoke-free.

Overview of The Community

The town is located in a part of the nation where property is in great demand, which has had a direct impact on prices. The cost of living in Hanover is more expensive than the U.S. average. Sperling’s Best Places to Live website estimates the town’s cost of living score at 160.2. This compares to the average U.S. town’s rate of 100. Housing cost is the main reason for the town’s higher cost of living. While categories like grocery costs and transportation costs are approximately 20% higher than the rest of the nation, housing is 140% higher than the U.S. average. This means that average monthly rent for a three-bedroom apartment in the area is $1834 while the U.S. average is $1379.

Yet, the cost of housing doesn’t mean the town should be avoided by buyers. It does mean that the high cost of housing increases the need for a good understanding of the property market. The general trend in property values is less expensive in the northern section of the town and more expensive in the southern part. Fortunately, the inventory of properties on the market is evenly distributed across the town with nearly an equal amount available in the less-expensive northern section as in the southern area.

When the community is viewed with a broad perspective, it offers many positive features that make it a desirable property market. First, its relative nearness to the Boston metro area makes it possible for a person to enjoy the benefits of small-town life while maintaining a career in the city. Most of the residents commute by car, but that commute is not necessarily long, as more than 28% spend less than 15 minutes commuting one way to work. The average commute time of residents is 25 minutes, which is less than the national average.

Second, the dwellings available on the market are relatively new in property terms. In the north and west sections of town, most of the homes are three to four-bedroom homes that were built between 1970 and 1999. Many others date from the time period immediately prior to this, 1940-1969.

Third, most homes are owner-occupied, which tends to reflect stable neighborhoods, with little turnover and low vacancy rates. The current vacancy rate in the north area is 1.5%, which is near the top nationally. These facts indicate that the property market is healthy and if a buyer should need to sell in the future, the prospect for selling property is good currently.

Fourth, the demographics of the community indicate that it is a positive environment. The residents who are part of the workforce in professional, managerial, and office positions. A high percentage of the community works in computer and math fields. It is one of the most educated towns in the nation, with 49.68% of citizens having a college education. The national average is 21.84%.

Finally, the overall quality of life in the community is highly rated. The unemployment rate is 3.4%, much lower than the U.S. national average of 5.2%. The town is dotted with small lakes and wooded areas. The nearness to the Atlantic coast makes for pleasant summer evenings, but also moderates the winter temperatures with relatively warm ocean waters nearby. All these factors combine to make this town a great place to live.

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