Commercial Real Estate Market in Hanover, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
11 active listings and 39 off-market properties in Hanover, VA.
Market Trends
Hanover, VA spans 69.1 square miles in Hanover County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hanover, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Hanover, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Hanover, VA runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily vacancy in Hanover, VA runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Market overview
Demographics & Economy
Hanover, VA has 3,835 residents in 1,414 households. Density runs 55 people per square mile. Median household income here is $81,667 and median gross rent $1,583 a month.
3,835
Population
1,414
Households
2.7
Avg Household Size
42
Median Age
25%
College-Educated
92%
High-School Grad
69.1 sq mi
ZIP Area
55
Density / Sq Mi
$81,667
Median Household Income
$40,261
Median Earnings
$1,583
Median Rent
$338,500
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
How much does it cost to lease commercial space in Hanover?
Asking lease rates in Hanover, VA average $20.63 per square foot per year.
Where does Realmo's Hanover market data come from?
Realmo compiles Hanover, VA figures from 9 active sale listings, 2 active lease listings, 39 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 9 active for-sale and 2 active for-lease listings in Hanover, VA. 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.
- 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 South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South 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
