October 2023 New Hampshire Market Update

Despite a nationwide drop in home sales and inventory shortages, property prices continue to rise, presenting a resilient seller's market

National Real Estate Trends Indicate a Challenging Market for Buyers 🏠: As the real estate landscape continues to evolve, the U.S. is witnessing a significant shift. Existing home sales have fallen to a 13-year low, marking a 2.0% month-over-month and 15.4% year-over-year decrease. The combination of soaring interest rates and high sale prices is making home ownership increasingly difficult for many. Despite a decrease in purchase activity, homeowners are reluctant to sell due to the rising interest rates, keeping the inventory at a historical low across the nation.

In New Hampshire, Supply remains tight 🌲: Single-family homes are seeing an uptick in new listings by 3.7%, while townhouse-condo properties have experienced a more robust increase of 14.1%. However, the overall inventory has taken a dip, decreasing by 5.5% for single-family homes and 4.9% for townhouse-condo properties.

Prices keep climbing in the Granite State 📊: Even with varying sales volumes, New Hampshire's real estate prices remain on the rise. The median sales price for single-family homes has climbed by 11.1% to $477,000, and townhouse-condo properties are not far behind, with an increase of 11.6% to $401,750. Interestingly, the time properties spend on the market is decreasing, indicating a persistent demand despite the challenging market conditions. 

In the Lakes Region, buyer demand remains strong🏡: Given the tight supply across the six counties below, median sales prices significantly increased

• Merrimack and Strafford counties both experienced a downturn in the number of sales, yet median sale prices in these counties increased, with Merrimack seeing a $32,000 rise and Strafford a $40,000 rise from the previous year, suggesting homes in these areas are gaining in value.
• Hillsborough County's sales decreased by 10.1%, however, the median sale price jumped by $50,000, indicating continued buyer competition and a willingness to invest more in desirable properties.
• Carroll and Belknap counties reported increases in median sale prices by $95,100 and $75,000 respectively, reflecting an aggressive market where buyers are prepared to pay premiums.
• Rockingham County, despite a significant reduction in sales and total volume, observed a $25,000 increase in median sale prices, pointing towards a preference for quality and the market's ability to sustain higher property values even with fewer transactions.

Across these counties, the consistent rise in median sale prices and the average price per square foot, even amid varying sales volumes, highlights a persistent buyer interest and a competitive market environment, suggesting that New Hampshire’s real estate market remains strong and properties are retaining, if not increasing, their value.

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!