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Hanover County, VA

RANK #636 / 996  ·  POP 110,513  ·  VA

PROJECTED GROWTH: +0.3%

Hanover County shows below-average economic momentum. Growth signals are flat or softening.

[01] Why Hanover County?

Hanover County, Virginia, is known for its historical significance, including being the birthplace of Patrick Henry and home to Scotchtown, his preserved estate. The county seat, Hanover, features one of the nation's oldest continuously operating courthouses. Located just 12 miles north of Richmond, Hanover County offers a blend of rural scenery and suburban communities. Commute options include easy access to Interstates 95 and 64, with Richmond International Airport about 15 minutes away. The community maintains a relaxed atmosphere, with parks and rivers providing outdoor recreation opportunities.

Life in Hanover County often appeals to families, with highly rated public schools that consistently outperform state averages in various subjects. The county offers diverse housing options, from single-family homes to apartments. Recent economic developments show growth across various sectors, including logistics and manufacturing, with new businesses and expansions contributing to the local economy. The county also emphasizes environmental stewardship and agricultural preservation.

[02] Market Snapshot

Housing Ratio
5.5x

Above national median (4.7x)

GDP Growth
+0.8%

Well below national median

Home Prices
+2.6%

Outpacing national median

Climate & Terrain
-2.1

Below-average climate & terrain

Price/Rent
15x

Above national median (13x)

Housing is fairly valued at 5.5x relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Hanover County U.S. National

The Numbers

DEMOGRAPHICS
Population
110,513
+1.17% YoY
Median Household Income
$104,678
Median Home Value
$347,900
+2.61% 12mo
Median Rent
$1,392
Average Annual Pay
$55,746
+2.8% YoY
Employment
59,513
+0.6% YoY
Income-to-Home-Value
0.3009
More affordable than average
Migration Inflow
4.74%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$475,000
Days on Market
28
Active market
Months of Supply
2.7
Seller's market
Sale-to-List Ratio
99.6%
Near asking price
Sold Above List
42.0%
Listings w/ Price Drops
11.8%
Building Permits (2024)
447
Single-Family Permits
443

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$3,756M
TOTAL
PROJECT AMOUNT STATUS
Hanover Technology Park
Tract
$2,400M Under Construction
Mountain Road Technology Park
Tract
$900M Proposed
Transportation Projects (various road widenings and improvements)
Hanover County
$181M Planned
North Anna River Solar project
Strata Clean Energy
$145M Planned
Springfield Farm Solar Project
Springfield Farm Solar, LLC
$80M Planned
Wegmans Distribution Facility Natural Gas Station
Wegmans Food Markets
$50M Planned

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +0.8% 15 percentile
Population Growth +1.2% 76 percentile
Income Growth +8.0% 36 percentile
Vacancy Rate 0.8% 76 percentile
Home Price Change +2.6% 67 percentile
Rent Growth +3.6% 62 percentile
Price/Rent 15x 34 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Hanover County, VA a good place to move to?

Hanover County has a Boom Town Index score of 36/100, ranking #636 among 996 U.S. counties. With job growth at +0.6% and a median household income of $104,678, it faces some economic headwinds compared to faster-growing counties.

Is Hanover County affordable?

The median home value in Hanover County is $347,900 with median rent at $1,392/month. The income-to-home-value ratio is 0.3009, which is more affordable than the national average.

Is Hanover County growing or shrinking?

Population growth: +1.2% year-over-year. Job growth: +0.6%. Home values changed +2.6% in the past 12 months.

Are people moving to Hanover County?

Yes — 4.74% of Hanover County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

Mercer County, PA 46 Effingham County, GA 46 Guilford County, NC 46 Carteret County, NC 46 Catawba County, NC 46 Hudson County, NJ 46 Chesterfield County, VA 46 Shelby County, AL 46