April 2023 New Hampshire Single Family Market Update

US Home Sales Are Down: We're experiencing a slump in the national housing market, with a 2.4% decrease in home purchases in March 2023 due to fluctuations in mortgage rates, as reported by the National Association of REALTORS® (NAR) 📉. This is similar to planning a dinner party, only for guests to cancel at the last minute. This analogy reflects the current dip in US home sales.

Nationwide Housing Inventory Is Low: The housing market across the country is like a limited-edition item with high demand. As of April, we have just 980,000 units on offer, marking a 5.4% increase from the previous year, but still lower than the pre-pandemic levels of 2019 🏘️.

New Hampshire Sees Fewer New Listings: In the Lakes Region of New Hampshire, new listings are down. We've seen a 24.6% drop for single-family homes and a 27.5% decrease for townhouse-condo properties 📉. It's like when a favorite author releases fewer new books than expected.

 Median Sales Prices Are Rising in New Hampshire: Despite fewer sales and a tight inventory, the Lakes Region is witnessing an uptick in median sales prices. Single-family homes have seen a 1.1% increase to $450,000, while townhouse-condo properties have risen by 6.0% to $360,500 📈. Imagine the value of a rare painting increasing as its availability decreases.

Belknap and Carroll Counties Market Updates: In Belknap County, we recorded 45 closed sales, with a median sales price of $435,000 and a sales volume of $25.6M. Meanwhile, Carroll County witnessed 53 closed sales, with a median sales price of $465,000 and a sales volume of $43.4M🏡 .