September 2023 New Hampshire Market Update

Although Sales Volume Continue to Decrease, It Still Remains a Strong Sellers Market

National Home Sales See a Dip 📉: The housing scene is seeing some turbulence as national sales of existing homes have recently dipped to a 7-month low. Surging borrowing costs, escalating sales prices (up by 3.9% YoY), and a thinning inventory (down by 14.1% YoY) have sidelined many potential buyers. Notably, mortgage rates have stayed above the 7% threshold since mid-August, a mark that has made many borrowers wary.

In New Hampshire, Inventory Dynamics Paint a Mixed Picture 🏘️: The good news is that new listings for single-family homes are up by 1.9%. However, townhouse-condo properties didn't fare as well, registering a 10.1% drop. Overall, the inventory scene remains tight, with both single-family and townhouse-condo properties decreasing 8.4% and 9.8% respectively. 

Statewide, Prices Hold Strong Despite Soft Sales  📈: Don't be deceived by the slower home sales; prices continue to escalate. The median sales price for single-family homes is up 11.4% to $490,000. Townhouse-condo properties, on the other hand, have seen an even sharper rise of 17.4% to $405,000. 

Locally, buyer demand remains strong🏡: Across the six counties featured below, homes are consistently selling in a timely manner, often within a two-week frame.

• Rockingham and Belknap Counties both witnessed properties selling at a higher percentage over the asking price compared to the previous year, pointing to a robust demand and potential bidding scenarios.
• Hillsborough County too showed a competitive market dynamic, with homes closing at an elevated percentage over the asking price compared to last year. Plus, homes were selling slightly faster this year.
• Merrimack County, while maintaining strong buyer demand with homes selling quickly, observed a slight decline in the average percentage over the asking price. Yet, homes still consistently sold notably over their listed prices.
• Strafford and Carroll Counties, on the other hand, experienced a drop in the average percentage over the asking price. Still, homes in these counties are selling close to or marginally above their listed prices, indicative of an active market.

Overall, the real estate landscape in these New Hampshire counties suggests a brisk market with properties moving quickly and, in many cases, at prices exceeding their listing.

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!