Instead of var width = $(this).height() -32; I guess you want var height = $(this).height() - 32;
$(window).load(function(){
    $('#footer').hover(function () {
        $(this).stop().animate({top:"444px"},500);     
    },function () {
        var height = $(this).height() -32;
        $(this).stop().animate({bottom: - height  },500);     
    });
});
Also your code can be simplified:
$('#footer').hover(function () {
    $(this).stop().animate({top:"440px"}, 500);     
}, function () {
    $(this).stop().animate({top: "494px" },500);     
});
3
solved jQuery Animation Not Going Back Down [closed]