The story of this market
The typical home in ZIP 55341 sells for about $456,924, or $205 per square foot.
Prices are up +2% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $1,853 a month.
ZIP 55341 — Hanover
The housing market in 55341 remains stable with high median household incomes and strong home values reflecting its status as a desirable suburban-rural enclave. Demand is supported by families seeking quality schools and larger properties, though inventory remains tight. Market conditions are currently characterized by steady appreciation and low turnover.
This ZIP is ideal for families and professionals seeking a quiet, affluent, semi-rural lifestyle with high-quality schools and larger lot sizes, while remaining within commuting distance of the Twin Cities.
Median prices moved up 2.0% year over year.
Homes spend a median of 45 days on market with 4.0 months of supply — a fast-moving market.
12% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 1.3% · poverty 0.6% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 55341, Minnesota
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Hanover is generally considered a safe, low-crime community, with crime rates significantly lower than both state and national averages.
Schools serving the area are highly regarded, with the local district maintaining strong academic performance ratings.
The area faces standard regional risks including severe thunderstorms and winter weather, with flood risk primarily concentrated near the Crow River.
The area is experiencing steady residential growth as a suburban-rural transition zone, with limited commercial development and a focus on maintaining its small-town character.
Property taxes are assessed at the county level in Wright County, with rates determined by local school district levies and municipal assessments.
Residents primarily commute by personal vehicle to employment hubs in the Twin Cities metro area, with typical drive times ranging from 35 to 50 minutes.
The area features extensive access to the Crow River, local parks like Settlers Park, and proximity to regional trail systems and golf courses.
The rental market is limited in depth, consisting mostly of single-family homes with low vacancy pressure and stable, modest rent growth.
The local economy is largely residential, with residents employed in the broader Minneapolis-St. Paul metropolitan area across diverse sectors including healthcare, technology, and manufacturing.
Transportation is heavily reliant on private vehicles, with access to the metro area provided by Highway 55 and I-94 corridors.
Development is focused on managed residential growth, with city planning prioritizing the preservation of open space and rural character.
Wright County Assessor manages property valuations, utilizing a market-value approach for annual tax assessments.
Parcels are subject to school district levies, primarily Buffalo-Hanover-Montrose ISD 877, and county-level service districts.
Property insurance premiums are stable but reflect regional risks associated with severe weather and winter storm damage.
Data retrieved from US Census Bureau ZCTA profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Provides scenic views and recreational fishing opportunities.
A central community park featuring playgrounds and picnic areas.
A popular local golf facility serving the Hanover and St. Michael area.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.