Hanover County Real Estate and Livability Trends
Hanover County, Virginia, has seen a significant rise in median home values from $255,400 in 2015 to $347,900 in 2022, outpacing the state median. Rising real estate taxes from about $2,538 in 2012 to approximately $3,686 in 2021 point to higher property valuations and potential costs for residents. Notably, the county's residential energy tax credit indicates growing investment in... Read more
Hanover County Market Trends
Hanover County, Virginia has seen an impressive rise in median home values, moving from $255,400 in 2015 to $347,900 in 2022. This trend outpaces the overall state median, offering potential property investors a robust appreciation landscape. The county has also significantly increased its residential energy tax credit, indicating heightened investment in energy-efficient homes, which could boost... Read more
Median Value of Occupied Housing Units in Hanover County, Virginia Over the Last 8 Years
Over the past eight years, Hanover County, Virginia has seen a steady increase in median home values, escalating from $255,400 in 2015 to $347,900 in 2022. This upward trajectory is slightly more pronounced compared to the overall state of Virginia, which saw home values rise from $245,000 to $339,800 during the same period. Meanwhile, the national median has lagged, increasing from $125,500 to $179,400. For those looking to invest or move to Hanover County, this steady growth might signal a robust and appreciating market.
Residential Energy Tax Credit Per Tax Return in Hanover County, VA Over the Last 9 Years
Over the last nine years, Hanover County, Virginia has seen a marked increase in the average residential energy tax credit per tax return. Starting from $377.30 in 2013, the credit rose steadily, with significant jumps in 2018 at $3850.00 and 2021 at $2102.94. This upward trend could indicate a growing investment in energy-efficient upgrades among residents, making the county potentially attractive for real estate investments and developments focused on sustainability. Real estate agents and appraisers might find this data relevant for evaluating property values and market appeal.
Average Real Estate Taxes Per Tax Return in Hanover County, VA Over the Last 10 Years
Over the last decade, average real estate taxes per tax return in Hanover County, Virginia, have reportedly experienced a steady rise from approximately $2,537.99 in 2012 to about $3,686.47 in 2021. Notably, a significant spike appears around 2017, where taxes jump from around $2,801.08 to $3,361.41 in 2018. This trend could suggest rising property values or possible increases in tax rates, essential for potential investors, appraisers, and real estate agents to consider. For residents and those looking to move, this increase might indicate higher living costs but could also reflect growing local investments and development.
Percentage of Farm Returns in Hanover County, VA Over the Last 10 Years
Hanover County, Virginia has seen a gradual decline in the percentage of farm tax returns over the past decade, decreasing from approximately 1.06% in 2012 to around 0.79% in 2021. Farm tax returns are filed by individuals or businesses that produce agricultural products, reflecting the economic vitality of the agricultural sector. This trend could indicate a shift towards non-agricultural development, potentially impacting market forecasts for property values and investments in the region. Those interested in purchasing land, starting agribusinesses, or investing in rural real estate in Hanover County should consider these changes in the agricultural landscape.
Number of Mortgages by Occupancy Type in Hanover County, VA Over the Last 5 Years in Hanover County
Hanover County, Virginia has seen significant fluctuations in the number of mortgages by occupancy type over the last five years. Principal residences dominated the market with a notable peak of 12,707 mortgages in 2021 but experienced a sharp decline to 6,609 in 2022. Investment properties and second residences remained relatively stable but with slight increases, notably in investment properties jumping from 158 in 2018 to 389 in 2021. Changes in occupancy type provide insights into community trends, impacting investors gauging rental market health, real estate agents advising clients, and insurance agents assessing risk. A spike in principal residence mortgages might indicate a growing residential area, whereas steady investment properties can point to a strong rental market.
Economic Outlook
Hanover County, Virginia has seen the average taxable income per tax return rise from $71,450.20 in 2013 to $103,742.74 by 2021, hinting at a strengthening local economy. Similarly, state and local income taxes climbed from $5,762.03 to $11,164.74, particularly spiking post-2017, which could be due to higher incomes or tax policy shifts. Average total tax liability increased from approximately $10,949.00 in 2012 to $17,686.00 in 2021, with notable spikes suggesting economic shifts. The... Read more
Average Taxable Income per Tax Return in Hanover County, VA over the last 9 years
Over the past nine years, Hanover County, Virginia has seen a steady rise in the average taxable income per tax return. Starting at $71,450.20 in 2013 and climbing to a significant $103,742.74 by 2021, this upward trend may suggest a strengthening local economy and potential for investment. Such consistent income growth could attract real estate developers, potential homebuyers, and financial services, contributing positively to the county's overall economic dynamism.
Average State and Local Income Taxes Per Tax Return in Hanover County, VA Over the Last 10 Years
Over the past decade, Hanover County, Virginia has seen a steady increase in average state and local income taxes per tax return, rising from $5,762.03 in 2012 to $11,164.74 in 2021. This growth is particularly notable post-2017, where a sharp incline is observed, reflecting possibly higher incomes or changes in local tax policies. For potential investors, homeowners, and real estate professionals, this trend might suggest an evolving economic landscape within the county, potentially signaling rising property values, higher living standards, or increased fiscal responsibilities. Adjusting future financial projections to accommodate higher tax liabilities could be advisable for stakeholders.
Average Total Tax Liability Per Tax Return in Hanover County, VA Over the Last 10 Years
Hanover County, Virginia has experienced a notable rise in average total tax liability per tax return over the past decade, from roughly $10,949.00 in 2012 to approximately $17,686.00 in 2021. Significant spikes, particularly in 2015 and 2021, could be indicative of economic shifts or policy changes impacting taxpayer obligations. This trend might suggest higher income levels, increased property values, or potentially changing tax codes, which is crucial information for potential investors and real estate professionals. It's also relevant for those assessing the financial landscape, such as appraisers and insurance agents, as a higher tax liability could reflect broader economic growth or heightened fiscal pressures in Hanover County.
Cost of Living in Hanover County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,803 | $1,540 | $1,575 | $2,054 | $1,931 |
| 1 adult 4 children | $1,803 | $1,258 | $1,202 | $2,054 | $2,108 |
| 2 adults 3 children | $1,803 | $1,258 | $1,368 | $2,054 | $1,676 |
| 1 adult 3 children | $1,803 | $1,027 | $994 | $2,054 | $1,836 |
| 2 adults 2 children | $1,395 | $1,030 | $1,161 | $1,794 | $1,296 |
| 1 adult 2 children | $1,395 | $769 | $787 | $1,794 | $1,405 |
| 2 adults 1 child | $1,395 | $814 | $954 | $948 | $1,096 |
| 1 adult 1 child | $1,395 | $526 | $580 | $948 | $1,047 |
| 2 adults | $1,235 | $654 | $747 | $0 | $863 |
| 1 adult | $1,208 | $357 | $373 | $0 | $786 |
Safety trends & Data
Hanover County, Virginia has experienced a gradual decrease in larceny-theft from 378.00 incidences in 2018 to 343.00 in 2022, while fraud incidents peaked at 188.00 in 2022. Notably, embezzlement saw a significant drop after peaking in 2019. The consistency in motor vehicle thefts and arsons suggests effective preventive measures. This trend of declining major crimes like burglary and larceny-theft could signal a stable and improving safety scenario, potentially boosting property values and... Read more
Property Crime Trends in Hanover County, VA Over the Last 5 Years
Hanover County, Virginia has shown some interesting trends in property crimes over the last five years. Larceny-theft remains the most prevalent crime, though there's been a gradual decrease from 378.00 incidences in 2018 to 343.00 in 2022. Fraud incidents have fluctuated, peaking at 188.00 in 2022. While embezzlement peaked at 33.00 in 2019, it saw a significant drop in 2020. It's notable that motor vehicle thefts and arsons have not shown significant changes, indicating perhaps consistent preventive efforts. For investors and real estate agents, the overall decline in major crimes like burglary and larceny-theft could signal a relatively stable and improving safety scenario, which might boost property values and investment potential.
Demographics
Hanover County, Virginia, shows a slight female majority among adults with around 52% identifying as female. The educational landscape reveals a well-educated populace, with nearly 40% holding at least a bachelor's degree and another significant portion having some college experience. Age-wise, the 55 to 64-year age group is the largest, hinting at a substantial aging population. The racial demographic is predominantly White at around 89%, with Black or African American individuals making up... Read more
Race Distribution in Hanover County, Virginia (2022)
Educational Attainment in Hanover County, Virginia (2022)
Age Distribution in Hanover County, Virginia
Citizen Population in Hanover County, Virginia (2022)
Political Trends & Data
Hanover County, Virginia leaned heavily Republican in the 2020 U.S. Presidential Election, with the GOP candidate securing around 62% of the vote while Democrats managed about 36%. The Libertarian party drew just over 1.5%, with other minor parties barely making a mark, highlighting a strong two-party preference. This conservative tilt may shape local political strategies and future engagement... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Hanover County, Virginia saw a significant tilt towards the Republican candidate in the 2020 U.S. Presidential Election, securing around 62% of the votes. Democrats trailed notably with approximately 36%, while the Libertarian party garnered just over 1.5%. Voters largely bypassed the Green party and other minor parties, which suggests a strong two-party preference in this region. These trends could imply a consistent conservative leaning in Hanover, influencing local political strategies and engagement efforts for future elections.
62.43% of voters voted for the Republican party in the 2020 Presidential Election
35.65% of voters voted for the Democrat party in the 2020 Presidential Election
1.55% of voters voted for the Livertarian party in the 2020 Presidential Election
0.37% of voters voted for the Other party in the 2020 Presidential Election
School Data
Hanover County, Virginia, has seen a notable shift in the student-to-teacher ratio, peaking at 20 students per teacher in 2021 before trending closer to the national average of 14 by 2023. This decline could appeal to families seeking more individualized attention for their children, potentially boosting the county's attractiveness. For real estate agents and investors, the trend towards smaller class sizes might suggest a growing interest among families prioritizing education. This data is... Read more
Student-to-teacher ratio in Hanover County, Virginia over the last 10 years
Hanover County, Virginia, has seen a fluctuating student-to-teacher ratio over the last decade, with values peaking at 20 in 2021 but generally trending towards the national average of 14 students per teacher by 2023. This variability in classroom sizes might pique the interest of families considering a move, as smaller class sizes are often associated with more individualized attention for students. For real estate agents and investors, the steady decrease to 14 in recent years could point to increasing attractiveness of the area for families prioritizing education, particularly after the significant spike seen in 2021. Potential home buyers and appraisers might also find these trends useful since they can influence the perceived value of properties, while insurance agents could view stable educational environments as indicators of steady local development.
