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May 2024 New Hampshire Market Update

Corina Cisneros

Licensed Real Estate Associate Broker/Owner (9 years experience)SpecialtiesBuyer's agent and Listing agent, Waterfront, Luxury, Single Family, New Con...

Licensed Real Estate Associate Broker/Owner (9 years experience)SpecialtiesBuyer's agent and Listing agent, Waterfront, Luxury, Single Family, New Con...

Jun 19 6 minutes read

 June Housing Market Update: Cooling Trends Amid Rising Prices and Inventory Surges

U.S. Home Sales Decline: The national housing market is cooling down, with a 1.9% drop in existing-home sales for the second month in a row, according to the National Association of REALTORS® (NAR) 📉. This decline spans all regions and is driven by higher mortgage rates and rising home prices, sidelining many potential buyers as we move into summer.

Listings and Inventory on the Rise: New listings are up, with single-family homes increasing by 16.9% and townhouse-condo properties by 8.7% 🏡. Pending sales saw modest gains, and inventory grew by over 28% for both property types. It's like a surge of new releases from a popular author, offering more choices for buyers.

Rising Median Sales Prices: Despite more homes on the market, prices continue to climb. The median sales price hit $525,000 for single-family homes and $449,900 for townhouse-condos, both up over 12% 📈. Think of it as a rare collectible gaining value even as more become available.

Market Activity 🔑: Homes are taking a bit longer to sell, with days on market up by 3.8% for single-family homes but steady for townhouse-condos. The supply of homes increased significantly, providing more options for buyers.

National Trends 🇺🇸: Nationally, home prices reached a median of $407,600, a 5.7% rise from last year and a new record for the month 🏠. Inventory rose to 1.21 million units, a 16.3% year-over-year increase, equating to a 3.5-month supply. This influx is like more seats opening up at a sold-out event, giving buyers more opportunities.

The lakes region: reveals a dynamic and varied landscape across different counties. 

  • Belknap and Hillsborough are experiencing robust growth, marked by significant increases in closed sales, median sales prices, and sales volume. This indicates a strong demand for properties and a competitive market environment.
  • In contrast, Carroll shows signs of a cooling market with a notable decline in closed sales and sales volume, along with an increase in the days on market. This suggests that buyers may be more cautious or that there may be fewer high-demand properties available.
  • Regional variability has become noticeable: while some areas are booming with increased activity and rising prices, others are seeing a slowdown, indicating a shift in buyer preferences or market saturation in those areas. For potential buyers and sellers, this highlights the importance of understanding local market conditions and trends to make informed decisions.

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

NH Median Sales Price

Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

NH Median Sales Price May 2024

NH Days on Market

Average number of days between when a property is listed and when an offer is accepted in a given month.

NH Days on Market May 2024

May Market Update for Belknap County

78

Closed Sales

$525,00

Median Sales Price

$54M

Sales Volume

42

Avg. Days on Market

75

Pending Sales

Belknap County experienced a notable increase in the number of sales by 66% and a significant rise in total volume by 34% compared to the previous year. The median sale price increased to $525,000, and the average price per square foot was not specified. Buyer demand showed a slight decrease in the average % over asking price, with an increase in median days on market.

May Market Update for Carroll County

43

Closed Sales

$500,000

Median Sales Price

$29M

Sales Volume

48

Avg. Days on Market

76

Pending Sales

Carroll County observed a reduction in sales by 25.9% and a decrease in total volume by 26.6%, with a notable increase in the median sale price to $500,000 and an average price per square foot not specified. The buyer demand declined with a decrease in the average % over asking price, and properties stayed longer on the market compared to the previous year.

May Market Update for Hillsborough County

266

Closed Sales

$587,000

Median Sales Price

$166.5M

Sales Volume

20 

Avg. Days on Market

322

Pending Sales

Hillsborough County had a 7.3% increase in the number of sales with a more pronounced increase of 25.6% in total volume, indicating a shift towards higher-value transactions. The median sale price was $587,500, and the average price per square foot was not specified. While there was a slight increase in the average % over asking price, days on market remained steady.

May Market Update for Merrimack County

110

Closed Sales

$467,750

Median Sales Price

$56.6M

Sales Volume

19

Avg. Days on Market

164

Pending Sales

Merrimack County experienced an increase in the number of sales by 7.8% and a significant rise in total volume by 23.5% compared to the previous year. The median sale price grew to $467,750, with an average price per square foot not specified. Buyer demand showed an increase in average % over asking price, although days on market slightly decreased, indicating a strong response from buyers.

May Market Update for Rockingham County

233

Closed Sales

$650,000

Median Sales Price

$179.8M

Sales Volume

19

Avg. Days on Market

310

Pending Sales

Rockingham County observed a stable market with a 3.2% increase in the number of sales and a notable increase in total volume by 24.8%. The median sale price rose to $650,000, indicating a continued trend towards higher-value properties. The days on market decreased significantly, reflecting strong buyer demand and competitive market conditions.

May Market Update for Strafford County

98

Closed Sales

$501,000

Median Sales Price

$52.6M

Sales Volume

18

Avg. Days on Market

104

Pending Sales

Strafford County saw a balanced market performance with a significant increase in the number of closed sales by 25.6% and a notable rise in total sales volume by 42.5%. The median sale price rose to $501,000, maintaining a stable and healthy real estate environment. The days on market decreased significantly, suggesting a strong buyer activity and competitive market conditions.

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

Want to know everything there is to know about buying and selling a house in the New Hampshire Lakes Region Area?  Check out our other Blog Posts!

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