What’s on the horizon for luxury real estate in 2024?
Find out now
Do you want content like this delivered to your inbox?
Share
Share

October 2023 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...

Nov 8 6 minutes read

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.

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 October 2023

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 October 2023

66

Closed Sales

$452,000

Median Sales Price

$41.2M

Sales Volume

27

Days on Market

86

Pending Sales

Despite a decrease in the number of sales and total volume in Belknap County, the median sale price here also saw a substantial increase of $75,000 from the previous year, with homes selling for a higher average price per square foot.

85

Closed Sales

$525,000

Median Sales Price

$65.7M

Sales Volume

29

Days on Market

82

Pending Sales

Carroll County's market activity indicated an increase in the number of sales by 10.4% and a slight increase in total volume. The median sale price rose by $95,100 from last year, and properties sold for a higher average price per square foot, suggesting strong buyer interest and a competitive market.

October Market Update for Hillsborough County

273

Closed Sales

$500,000

Median Sales Price

$146M

Sales Volume

14

Days on Market

313

Pending Sales

Hillsborough County experienced a significant drop in the number of sales, falling by 10.1% from the previous year, yet the median sale price surged by $50,000. Homes continued to sell at a rapid pace, with the average closing over asking price showing a slight increase.

105

Closed Sales

$425,000

Median Sales Price

$50.1M

Sales Volume

18

Days on Market

119

Pending Sales

In Merrimack County, there was a slight decrease in the number of sales and total volume compared to the previous year. Despite this, homes were still fetching higher prices, with the median sale price increasing by $32,000 from the previous year, and the average selling price per square foot also seeing an upward trend.

212

Closed Sales

$625,000

Median Sales Price

$150.4M

Sales Volume

20

Days on Market

218

Pending Sales

Rockingham County experienced a more pronounced decline in market activity with a 17.77% decrease in sales and a 16.06% decrease in total volume. Despite this downturn in activity, the median sale price saw an impressive increase of $25,000 from the previous year, and a slight increase in the average price per square foot. This suggests that while fewer transactions were made, buyers were willing to pay more for the available inventory, perhaps due to the quality or desirability of the homes sold.

105

Closed Sales

$435,000

Median Sales Price

$57.2M

Sales Volume

17

Days on Market

99

Pending Sales

Strafford County's market displayed resilience with only a minor 9% decrease in the number of sales from the previous year, and a notable increase in total volume by 16.95%. Median sale prices increased by $40,000 from the previous year, with an increase in the average price per square foot, indicating a market with strong valuations.

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!

Curious about how your home's value has changed?

We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.

Get Your Report
We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info