Hanover County, Virginia: commercial real estate data.
Hanover County, Virginia has a population of 112,879 across 469 square miles, up 4.8 percent since the 2020 census base. County output reached $9.23 bn in 2024, 3,413 establishments operate here, and the SBA record carries 124 7(a) approvals worth $83.1 m.
123 sourced county values · tier FULL · 11 sections
Hanover County
How many people live in Hanover County
- Population112,879
- Households42,688
- Average household size2.64
- Median household income$112,805
- Median age42.7
- Median gross rent$1,591 per month
- Median owner-occupied home value$400,400
- Home value to household income3.5 times
- Annual rent as a share of median income16.9 percent
- Adults 25 and over with a bachelor degree or higher42.7 percent
- Adults 25 and over with a graduate degree16.0 percent
- Adults 25 and over79,261
- Population under 1824,361
- Share under 1821.6 percent
- Population 65 and over21,672
- Share 65 and over19.2 percent
- Working age population, 18 to 6466,846
- Civilian labor force60,013
- Unemployment rate2.7 percent
- Labor force participation, adults 18 and over67.8 percent
- Rank by population among Virginia counties17th of 133
- Rank by population among US county-equivalents558th
Hanover County is the 17th largest of 133 Virginia counties by population. A median home costs 3.5 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 21.6 percent against 19.2 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Hanover County
Is Hanover County growing
- Population change since the 2020 census base4.85 percent
- Census 2020 base population109,976
- Births, 20241,077
- Deaths, 20241,193
- Natural change, 2024-116
- Net domestic migration, 20241,099
- Net international migration, 2024135
- Total net migration, 20241,234
- Cumulative net domestic migration, 2021 to 20245,473
- Rank by growth among US county-equivalents555th
The county has grown 4.85 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Hanover County
Where people moving to Hanover County come from
- Tax returns filed by households arriving3,712
- People arriving, from those returns7,012
- Adjusted gross income arriving$312.7 m
- Net adjusted gross income movement$0
- Average income of an arriving household$84,241
- Largest single originHanover County Non-migrants (42,918 households)
- Largest single destination (42,918 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Hanover County Non-migrants | 42,918 | 90,764 | $4.99 bn |
| Henrico County | 1,264 | 2,555 | $111.9 m |
| Other flows - Different State | 794 | 1,495 | $68.0 m |
| Other flows - South | 416 | 785 | $34.7 m |
| Other flows - Same State | 400 | 694 | $29.7 m |
| Richmond city | 329 | 538 | $25.0 m |
| Chesterfield County | 259 | 451 | $20.7 m |
| Other flows - Northeast | 167 | 298 | $12.9 m |
The largest single source of arrivals is Hanover County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Hanover County
What the Hanover County economy runs on
- County GDP, 2024$9.23 bn
- County GDP, 2023$8.95 bn
- GDP change, 2023 to 20243.1 percent
- GDP change over five years45.8 percent
- Rank by GDP among Virginia counties19th
- Rank by GDP among US county-equivalents471st
- GDP per resident$81,729
Output grew 3.1 percent in the latest year and 45.8 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Hanover County
Who employs people in Hanover County
- Covered employment, annual average59,513
- Establishments reporting4,310
- Average annual pay$55,746
- Average weekly wage$1,072
- Sector 44-45, employment7,659
- Sector 44-45, average annual pay$44,599
- Sector 62, employment6,494
- Sector 62, average annual pay$65,616
- Sector 48-49, employment6,346
- Sector 48-49, average annual pay$32,910
- Sector 23, employment6,229
- Sector 23, average annual pay$74,486
- Sector 42, employment4,889
- Sector 72, employment3,984
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 44-45 | 7,659 | 352 | $44,599 |
| Sector 62 | 6,494 | 688 | $65,616 |
| Sector 48-49 | 6,346 | 114 | $32,910 |
| Sector 23 | 6,229 | 617 | $74,486 |
| Sector 42 | 4,889 | 291 | $82,955 |
| Sector 72 | 3,984 | 243 | $24,088 |
| Sector 56 | 3,872 | 261 | $42,082 |
| Sector 31-33 | 3,355 | 174 | $68,471 |
The largest sector is the biggest private employer group at 7,659 jobs, 12.9 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Hanover County
What businesses operate in Hanover County
- Establishments, all industries3,413
- Employment at those establishments52,652
- Annual payroll$2.80 bn
- Establishments per 1,000 residents30.2
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Hanover County
What is being built in Hanover County
- Housing units authorised by permit, 2024447
- Declared construction value permitted$138.2 m
- Single family units authorised443
- Multifamily units authorised4
- Multifamily share of units0.9 percent
- Average declared value per unit$309,087
- Units authorised per 1,000 households10.5
Multifamily is 0.9 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Hanover County
How much SBA lending happens in Hanover County
- 7(a) approvals recorded124
- 7(a) gross approval dollars$83.1 m
- Average 7(a) approval$670,162
- Median 7(a) approval$200,000
- 10th percentile approval$25,000
- 90th percentile approval$2,320,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)1,613
- Jobs per approval13.0
- Distinct 7(a) lenders active42
- Distinct industries receiving approvals68
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer12.1 percent
- Loans on real estate terms15
- Loans on working capital terms, 120 months or shorter101
- Franchise loans36
- Franchise share of approvals29.0 percent
- Leading industry by approval countChild Day Care Services (8)
- Most active lenderManufacturers and Traders Trust Company (30)
- 504 approvals recorded46
- 504 gross approval dollars$29.9 m
- Average 504 approval$650,870
- Median 504 approval$463,000
- Distinct CDCs active3
- 504 jobs per approval12.5
- 504 jobs per million dollars approved19.2
- Most active CDCBusiness Finance Group, Inc. (35)
- 7(a) share of SBA approvals72.9 percent
- Combined SBA approval dollars$113.0 m
The average approval of $670,162 sits well above the median of $200,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 12.1 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Hanover County
Do SBA loans in Hanover County get paid back
- Loans with a final outcome recorded15
- Paid in full13
- Charged off2
- Charge off rate on resolved loans13.3 percent
- Status: Paid in full13
- Status: Cancelled19
- Status: Exempt from disclosure82
- Status: Committed, not yet disbursed8
- Status: Charged off2
Of the 15 loans that have reached a final outcome, 13.3 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hanover County
Which parts of Hanover County get the lending
- Places in the county with recorded lending8
- Mechanicsville, approvals67
- ASHLAND, approvals47
- GLEN ALLEN, approvals3
- BEAVERDAM, approvals3
- Bumpass, approvals1
- DOSWELL, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Mechanicsville | 67 | $24,157,200 |
| ASHLAND | 47 | $51,577,900 |
| GLEN ALLEN | 3 | $5,380,000 |
| BEAVERDAM | 3 | $670,000 |
| Bumpass | 1 | $100,000 |
| DOSWELL | 1 | $500,000 |
| MONTPELIER | 1 | $15,000 |
| HANOVER | 1 | $700,000 |
Mechanicsville accounts for 67 approvals against 47 in ASHLAND. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hanover County
How big is Hanover County
- Land area469 sq mi
- Rank by land area among Virginia counties33rd of 133
- Width, east to west36.8 mi
- Height, north to south32.6 mi
- Geographies sharing a boundary7
- Residents per square mile of land241
- Establishments per square mile7.28
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Hanover County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Hanover County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population112,879
- Households42,688
- Average household size2.64
- Median household income$112,805
- Median age42.7
Common questions
Hanover County questions, answered from the record.
How many people live in Hanover County, Virginia?
112,879, in 42,688 households, ranking 17th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Hanover County growing?
The population has grown 4.85 percent since the 2020 census base. In 2024 there were 1,077 births against 1,193 deaths, with net migration of 1,234. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Hanover County?
$112,805. The median owner-occupied home is valued at $400,400, which is 3.5 times income, and median gross rent is $1,591 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Hanover County?
3,413 establishments, employing 52,652 people with an annual payroll of $2.80 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Hanover County?
Average annual pay is $55,746, or $1,072 a week, across 59,513 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Hanover County?
124 7(a) approvals totalling $83.1 m since FY2020, across 42 lenders, with a median approval of $200,000, plus 46 504 approvals worth $29.9 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Hanover County get paid back?
Of the 15 loans that have reached a final outcome, 13 were paid in full and 2 charged off, a charge off rate of 13.3 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Hanover County?
447 housing units were authorised by permit in 2024, with a declared construction value of $138.2 m. Multifamily was 0.9 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Hanover County?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Hanover County come from?
The largest single origin is Hanover County Non-migrants, with 42,918 households. Arriving households report an average income of $84,241 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Hanover County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Hanover County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.