New Hampshire
The Granite State… true to its motto, “Live Free or Die”, which encapsulates the state’s enduring spirit of independence. But it’s more than just a line; it speaks to the resilience found in its varied landscape. The state’s natural beauty, from its jagged mountains to its calm lakes, has served as a quiet backdrop in literature and film, as well as the muse for countless paintings and photographs reflecting its deep-rooted history and the straightforward charm of New England. This spirit resonates through the state’s wide-ranging environments, from the highest point at Mount Washington to the peaceful waters of Lake Winnipesaukee, extending to the Atlantic coastline. New Hampshire represents a firm piece of America, as enduring as the granite it rests upon and as liberating as the clean air that drifts over its terrain.
It’s no wonder the allure of New Hampshire drives many to own a piece of its charm. With each land sale, buyers are not just purchasing property but also embracing the state’s tranquil beauty and rugged independence. Here, the acquisition of land goes beyond the physical—it’s an investment in a lifestyle that cherishes natural splendor and honors a legacy of resilience and quiet freedom. This is the primary reason I specialize in land sales.
With that in mind, let’s look at land sales for 2023
New Hampshire’s land sales market experienced a dynamic year, highlighted by some remarkable figures. A total of 1,271 parcels of land changed hands, showcasing the state’s vibrant real estate activity. The range of property sizes was astonishing – the largest being a vast 3,320 acres, while the smallest was a cozy 0.01 acres. Financially, the spectrum was just as wide: the most expensive land sold for a whopping $4.6 million, contrasting sharply with the most affordable at just $2,000. The average sale was $164,124, with the median sale price hitting $105,000, indicating a healthy mix of high-end and accessible land options. In total, a staggering $208,601,701 was spent on land purchases. Interestingly, properties didn’t linger long on the market, with an average of just 34 days from listing to sale, underscoring New Hampshire’s allure as a desirable destination for land buyers.
In 2023, I personally completed sales of residential, land-only properties totaling 759.18 acres, amounting to $2,885,600 in revenue.
The size of these properties varied significantly, with the largest being 337 acres and the smallest at just 0.49 acres. Transaction values also ranged widely, from the highest at $1,575,000 to the lowest at $52,100. This summary does not include several transactions that are still pending. Most of my clients were interested in land for recreational purposes, though many also expressed a desire for future building potential.
Looking ahead to 2024
The New Hampshire land sales market is poised for another exciting year. Building on the robust activity of 2023, the market is expected to remain dynamic, driven by a mix of local and out-of-state buyers attracted by the state’s natural beauty and lifestyle opportunities.
Furthermore, economic factors such as interest rates, the national economy, and local development projects will play a significant role. Interest rates are predicted to recede in 2024, with many economists predicting an early rate cut, leading to increasing demand as those needing to finance their purchase will have more purchasing power as rates fall. Keep in mind that this may also lead to rising values as demand continues to climb while available land is hard to find. Inventory across the board has continued to be low, with no indication that this trend will change in 2024.
In summary
New Hampshire’s land market stands at a crossroads of continued demand and constrained supply, a situation that could result in a significant uptick in both activity and prices. Potential buyers are not just looking for land; they’re seeking a part of the Granite State’s legacy, its freedom, its resilience, and the quiet splendor it promises. As 2024 unfolds, we will watch closely to see how this balance of demand and availability plays out in New Hampshire’s ever-dynamic land sales market.
This article was written by Randy Miller. Randy is Realtor® of Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Data was compiled by a NEREN search on 01/18/2024 and is subject to change. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market
