July 2023 New Hampshire Single Family Market Update

In New Hampshire, Home Sales Down, but Home Prices Barely Flinch

Mortgage Rates and Homebuying Affordability Impact Nationwide Sales: The U.S. real estate scene is feeling the heat this summer as high mortgage rates and affordability issues affect buyers' decisions, causing a 3.3% decrease in existing-home sales month-over-month, as highlighted by the National Association of REALTORS® (NAR) 📉. The recent surge to nearly 7% in mortgage rates has deterred many prospective homeowners, while those enjoying lower rates from years past are holding back from listing their properties.

Notable Decreases in New Listings and Inventory Across New Hampshire: While new listings (-21.9%), pending sales (-8.2%), and inventory (-28.3%) decreased year on year, median sales price (+6.7%) and days on market (+18.8%) increased year on year across the state 🏘️. The tight supply heading into July, the lack of inventory boosted competition among buyers and put upward pressure on sales prices.

Belknap and Carroll Counties Market Updates: In Belknap County, we recorded 90 closed sales, with a median sales price of $502,525 and a sales volume of $57.5 million. Meanwhile, Carroll County witnessed 70 closed sales, with a median sales price of $426,000 and a sales volume of $44.3 million 🏡.

Have any questions about the state of the market? Don't hesitate to reach out at 603-273-6160