Hanover, MD
Commercial Real Estate Market Trends & Data

$327 Avg asking sale price
$465 Avg asking lease rate
23,584 SF Avg unit lease size
30,222 SF Avg building size for sale
4.40% Average cap rate

Hanover's Demographic Profile

Hanover has 23,305 households and a median income of $122,895, providing context for rent absorption and tenant demand across retail and multifamily assets. A +4% five-year population trend is a key signal for evaluating long-term demand in this market.

Key Demographic Metric Value
Population 64,832
# Households 23,305
Median age 37
Median household income $122,895
Avg household size 3.0
Renter-occupied housing units 8,246
5-year population change +4%

{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Hanover, MD

↻ Updated Monthly

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Nearby Retail Markets Avg Cost/SF Typical Size
Hanover $506 6,579 SF
Elkridge $502 7,799 SF
Linthicum Heights $514 2,918 SF
Linthicum $514 2,918 SF
Jessup $865 2,284 SF
Nearby Multifamily Markets Avg Cost/SF Typical Size Cap Max
Halethorpe $173 1,732 SF 13.39%
Glen Burnie $116 16,525 SF 7.00%
Brooklyn $127 3,341 SF 13.39%

Commercial Properties For Sale in Hanover

The listings below reflect how current market pricing and building scale translate into active opportunities available today.
For Sale

7651 Old Telegraph Rd

Severn, MD 21144

  • 19,800 SF Flex Building
  • $675,000
For Sale

Contractors Yard With Office

Elkridge, MD 21075

  • 1,057 SF Office Building
  • $650,000
For Sale

6339 Howard Ln

Elkridge, MD 21075

  • 11,732 SF Office Building
  • $2,639,700
For Sale

7399 Assateague Dr

Jessup, MD 20794

  • 2,284 SF Retail Building
  • $1,975,000
For Sale

7146 Montevideo Rd Jessup, MD 20794-9309

Elkridge, MD 21075

  • 15,670 SF Flex Building
  • $2,700,000
For Sale

Wright Road Land

Hanover, MD 21076

  • 3.20 AC Lot
  • 1 Commercial Lot
  • $2,950,000

Average Price For Sale

↻ Updated Monthly

Average Price For Lease

↻ Updated Monthly

Number of Listings

↻ Updated Monthly

Cap Rate

↻ Updated Monthly

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Nearby Commercial Markets

Comparing nearby markets helps investors see whether Hanover pricing and building scale sit above, below, or in line with surrounding areas.

Commercial Markets Avg Cost/SF Average Size
Hanover $327 30,222 SF
Elkridge $338 25,447 SF
Linthicum Heights $725 2,918 SF
Linthicum $514 56,155 SF

Regional Demographic Comparison

This comparison places Hanover alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Hanover or distributed across surrounding areas.

City Population # Households Age Median Household Income Avg Household Size Renter Occupied Housing Units Five Yr Pop Growth %
Hanover 64,832 23,305 37 $122,895 3 8,246 4%
Elkridge 42,035 14,439 36 $125,416 3 5,130 4%
Linthicum 11,387 4,567 41 $105,403 3 1,352 2%

Disclaimer: The figures on this page reflect LoopNet's active commercial listings in Hanover, MD and update as inventory changes. Averages can shift between periods or vary across property types depending on the mix of listings available at a given time, so individual metrics may not reflect broader market trends. These figures are best used as directional benchmarks for early market evaluation. For comprehensive commercial real estate data and analytics, subscribe to CoStar.

FAQs About Commercial Investing in Hanover

View All Commercial Real Estate For Sale in Hanover
Is Hanover a good market for a first-time commercial real estate investor?

Hanover offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.

How can this market data help me decide whether to buy commercial property for my business in Hanover?

The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Hanover. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.

What should conservative investors focus on when evaluating commercial properties in Hanover?

Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Hanover. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.

How does Hanover compare to nearby commercial real estate markets?

Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Hanover. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.

How can this page support early-stage deal screening for Hanover acquisitions?

This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Hanover, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.

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