The excitement of the holiday season and Christmas approaching this week often comes from the anticipation of spending quality time with loved ones and enjoying all the festive traditions associated with this special time of year. I want to wish all of you and your families a Merry Christmas and the gift of health, happiness, and prosperity in the new year.
We are very close to the end of the year, so I thought I would pull up some of the recent numbers published by the New Hampshire Association of Realtors and PrimeMLS as of November 30th.
- Single-Family Home Sales: Year-to-date, there were 11,076 closed single-family home sales, an increase of 3.5% over the same period last year. The median sales price increased by 9.6% to $515,000, and the volume of sales in New Hampshire increased by 11.7%. Average days on the market increased from 26 days to 27 days. There is a 1.9-month supply of inventory presently and there is an 8.3% increase in new listings over last year. The affordability index has decreased to 58, resulting in a 4.9% drop from 2023 for New Hampshire.
- Condo Sales: Year-to-date, there were 3,707 closed condo sales, an increase of 3.8% over the same period last year. The median sales price increased by 7.1% to $412,003, and the volume of sales in New Hampshire increased by 10.4%. Average days on the market increased from 27 days to 31 days. There is a 1.9-month supply of inventory and a 4.4% increase in new listings over 2023. The affordability index has decreased to 73, a (2.7%) drop from 2023 for New Hampshire.
- When you compare year-to-date 2024 single-family home sales of 11,076 to 13,322 sales in 2022, you can see a decrease of 16.8% in unit sales activity. However, over last year the unit sales were up 3.5%. For condos, it was a decrease of 13.44%. The median sales price for single-family homes went from $441,000 in 2022 to $515,000 in 2024, a 16.8% increase. For condos, the median price went from $342,500 in 2022 to $412,003 in 2024, a 20.3% increase. If you compare the inventory of homes for sale in New Hampshire, in 2022, there were 1,825 homes for sale, compared to 1,968 homes in 2024. What’s interesting is when you compare the percent of the listing price of the homes to what they sold for, it came out to 100.9% in 2024 and 102.4% in 2022, so homes are still selling at a premium.
- In Belknap County, single-family sales year-to-date were up 7.1%; however, for just the month of November, they were down (17.1%). The median sales price for homes was $514,000, which was up 14.5%, almost the same price as the statewide average. For condo unit sales were down (21.1%) and the median sales price year-to-date was down (15.2%) to $381,500.
- In Carroll County, closed single-family unit sales increased 10.2% (from 693 to 764), and the median sales price increased 0.1% to $470,000. Condo unit sales stayed the same (174 sales in 2023 and 2024). The median sales price dropped (3.2%) to $414,000.
- The most expensive single-family home sale in New Hampshire in 2024 to date was at Rye Beach for $18.5 million.
- For land sales in New Hampshire, there were 1,409 sales, a 7% decrease from 2023. The highest sale was $10.5 million for 46 acres in Londonderry.
I see the frustration firsthand for families and individuals trying to buy into today’s inflated real estate numbers, as shown in the above statistics. It’s no wonder that New Hampshire’s prices have been escalating so much in recent years because New Hampshire’s been receiving many favorable accolades nationally.
For example, Kiplinger Finance ranked New Hampshire as the #1 best state to relocate to in 2024, followed by Wyoming, Virginia, Rhode Island, and Wisconsin, as stated in Shoreline Immigration. The firm-based New Hampshire’s #1 ranking on safety, quality of living, healthcare, schools, job openings, average home price, rate of violent crimes, and average salaries. The Granite State also ranked #2 in “the best state” ranking by US News & World Report for 2024.
There is no doubt that New Hampshire’s popularity has grown so much, considering we are such a small state. All you need to do is look at routes I-93 and I-95 and observe the continuing traffic on weekdays and the second home and vacation traffic on the weekends. The national publicity has certainly added a growing attraction to our beautiful Granite State. The major lakes, mountains, rivers, and oceanside towns within close proximity of each other provide 4 seasons of recreation, which everyone is looking for today.
Merry Christmas to everyone!
This article was written by Frank Roche. Frank is president of Roche Realty Group in Meredith, NH, and can be reached at (603) 279-7046. Data was compiled by a NEREN search on 12/12/024 and from NHAR.org 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.
