Commercial Real Estate Market in Hanover, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
10 active listings and 79 off-market properties in Hanover, IL.
Market Trends
Hanover, IL spans 80.3 square miles in Jo Daviess County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hanover, IL runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Hanover, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hanover, IL runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Hanover, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 74%
- Industrial 22%
- Commercial 4%
Largest Zones share of zoned land by district
Residential Single Family Low Density
General Performance Manufacturing
Residential Multifamily
Business District
Restricted Performance Manufacturing
Hanover, IL zones 505 acres across 5 districts. Commercial zoning covers 4% of zoned land, residential 74% and industrial 22%. The largest single district is Residential Single Family Low Density at 67.3%. For commercial buyers the practical constraint is that only 26% of land carries a commercial or industrial designation.
Residential Single Family Low Density (R-1)
This District provides for single-family dwellings, large lot development for families wishing a lower density and more open space in the neighborhood and accompanying community facilities
Market overview
Demographics & Economy
Hanover, IL has 1,352 residents in 797 households. Density runs 17 people per square mile. Median household income here is $44,464 and median gross rent $769 a month.
1,352
Population
797
Households
1.7
Avg Household Size
48
Median Age
17%
College-Educated
88%
High-School Grad
80.3 sq mi
ZIP Area
17
Density / Sq Mi
$44,464
Median Household Income
$32,632
Median Earnings
$769
Median Rent
$112,300
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Savanna Army Depot | — | — |
| Green Island | — | — |
| Bellevue | — | — |
| Woodbine | — | — |
Commercial property in Hanover, IL asks $71/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hanover?
Commercial property in Hanover, IL asks an average of $71 per square foot.
What zoning applies to commercial property in Hanover?
Hanover, IL zones 505 acres across 5 districts, of which 4% is commercial and 22% industrial. The largest single district is Residential Single Family Low Density at 67.3% of zoned land. This District provides for single-family dwellings, large lot development for families wishing a lower density and more open space in the neighborhood and accompanying community facilities Residential zoning covers 74% and open space 0%.
Where does Realmo's Hanover market data come from?
Realmo compiles Hanover, IL figures from 10 active sale listings, 79 tracked off-market properties, the current Hanover zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 10 active for-sale and 0 active for-lease listings in Hanover, IL. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 505 zoned acres across 5 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
