23116 — Hanover County, Virginia Market Snapshot
Housing market data for zip code 23116 in Hanover County, Virginia. Updated monthly with median prices, days on market, and more.
Market Sales Data
101 sales in 2026 (year to date)
Median Sale Price
$589,000
Days to Sell
13
Homes Sold
101
Inventory
45
Sale-to-List
101.5%
New Listings
135
Price/SqFt
$226
Pending Sales
127
Conforming Loan Available
Most homebuyers in 23116 can comfortably use conventional financing. The median home price of $589,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
23116 is an extremely competitive market with homes selling in just 13 days on average. Buyers need pre-approval letters ready before making offers.
Sale-to-List Ratio
Homes are selling very close to asking price in 23116 (101.5% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 23116 can comfortably use conventional financing. The median home price of $589,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 23116 are set at the county level.
2026 Loan Limits — Hanover County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $707,250 |
| 2 Units | $1,066,250 | $905,400 |
| 3 Units | $1,288,800 | $1,094,450 |
| 4 Units | $1,601,750 | $1,360,100 |
Affordability Snapshot — Zip 23116
To purchase the median home at $589,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $4,663.
Monthly Payment
$4,663
Income Required
$199,831
Principal & Interest
$3,629/mo
Down Payment (5%)
$29,450
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 23116.
Estimated Monthly Payment
$3,795
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