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Is Hanover, IL 61041 a buyer’s or seller’s market?

Buyer’s market 3 months ending August 31, 2026 · Source: Redfin

Hanover is a buyer’s market. With about 7.5 months of supply, buyers usually have more time and more room to negotiate on price and terms.

Months of supply7.5Under 4 months = seller’s market
Sold above original list33.3%Share of sales, last 3 months
Median sale-to-list97.6%Sold price ÷ list price
Median days on market13Listing to accepted offer
Median price per sq ft$112

The Hanover housing market right now

In the three months ending August 31, 2026, 33% of homes in Hanover, IL 61041 sold above their list price, the typical home went under contract in 13 days and there were 7.5 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 3 sales, these figures can swing a lot from month to month.

Within Jo Daviess County, homes here sell faster, and more often over asking, than in any other ZIP code in the county.

Nearby, buyers who want less competition could look at Scales Mound 61075 (0% sold over asking) or Elizabeth 61028 (0% sold over asking).

Run the numbers for 61041

Prefilled for 61041Can I win this house?Multiple-offer likelihood for a listing Prefilled for 61041Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Apple River 61001Seller’s market $182 /sq ftEast Dubuque 61025Seller’s market $126 /sq ftElizabeth 61028Buyer’s market $118 /sq ftGalena 61036Balanced $178 /sq ft Browse all markets →

Towns like Hanover nearby

Find towns like Hanover in other states →
Mount Carroll, IL61053 · 19 miles away79% similarlarger Stockton, IL61085 · 15 miles away72% similarlarger · older residents Forreston, IL61030 · 37 miles away66% similarhigher income ($26K more) · pricier homes ($42K more) Thomson, IL61285 · 22 miles away65% similarpricier homes ($58K more) · larger

Where Hanover is

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Questions about Hanover real estate

Is Hanover a buyer’s or seller’s market?

A buyer’s market: there were 7.5 months of supply in Hanover, IL 61041 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.

How fast do homes sell in Hanover?

The typical home went under contract in 13 days in the latest three months.

Do homes in Hanover sell over asking?

33% of homes sold above their original list price, and the typical sale closed at 97.6% of the list price.

What are property taxes in Hanover?

About 1.72% of a home’s value a year in Jo Daviess County, or roughly $6,880 on a $400,000 home.

What is the median home price in Hanover?

The median sale price was $153,933 in the three months ending August 31, 2026, about $112 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology