Real Estate Sales Insights: Lakes Region Market Update

Real Estate Sales Insights: Lakes Region Market Update

It’s hard to believe we’ve already churned through 4 months of 2024. I researched the closed real estate market activity for January, February, March, and April and compared it to the activity we experienced in 2023 for the same period. I pulled up 25 towns and cities which comprise the Lakes Region, and here’s what I came up with:

Single Family Home Sales:

House picture

4 Months 2024: There were 322 single-family homes that sold during this 4-month period. Resulting in a 12.2% increase over the previous year. The median sales price was $443,750 (a 7% increase over 2023). The average sales price was $685,987, and the median days on the market were 22. Total sales volume was $220,887,920 ( a 9.6% increase over 2023). The lowest single-family home sales price was a single-wide mobile home on its own land in Belmont at $75,000. The highest was an 8,084 sf. waterfront home on Lake Winnipesaukee in Moultonborough at $6,300,000.

4 Months in 2023: There were 287 single-family homes there sold during this period. The median sales price was $415,000. The average sales price was $702,357, and the median days on the market were 20. Total sales volume was $201,576,656. The lowest single-family home sale was a 3-bedroom ranch that sold at auction in Gilmanton for $54,700; however, the property was subject to a Raze and Remove Order and had to be demolished! The highest sale was an 8,556 sf. waterfront home on Lake Winnipesaukee in Tuftonboro with 19 acres and 366’ of shorefront that sold for $11,500,000.

Condominium Sales:

condominiums on lake winnipesaukee nh

4 Months 2024: There were 83 condominium homes that sold during this 4-month period. Resulting in a 5% increase over the previous year. The median sales price was $327,000 (a slight decrease over 2023). The average sales price was $443,052, and the median days on the market were 20. Total sales volume was $36,773,350 ( a 13.1% increase over 2023). The lowest sales price was a 2 bedroom ranch at East Bluff Village in Meredith that sold for $110,000. The highest was a 4 bedroom 2,552 sf. townhouse at Jonathan’s Landing on Lake Winnipesaukee in Moultonborough, located on the waterfront that sold for $1,630,000.

4 Months in 2023: There were 79 single-family homes there sold during this period. The median sales price was $330,000. The average sales price was $411,428, and the median days on the market were 16. Total sales volume was $32,502,847.  The lowest sales price was a 668 sf. condominium at Meredith Bridge Colony at Weirs Beach That sold for $160,000. The highest was a 4 bedroom 3,263 sf. new condominium at Lakeside at Paugus Bay in Laconia that sold for $1,350,000.

Waterfront Sales — Lake Winnipesaukee:

4 Months 2024: There were 14 waterfront homes sold compared to 16 sold in 2023. The median sales price was $2,627,000 (a 32.3% decrease from 2023). The average sales price was $3,122,214, and the median days on the market were 25. Total sales volume was $43,711,000 ( a decrease of 30.1% over 2023). The lowest sales price was $1,400,000 in Alton. The highest was $6,300,000 in Moultonborough.

4 Months in 2023: There were 16 sales. The median sales price was $3,880,000. The average sales price was $3,909,375, and the median days on the market were 28. Total sales volume was $62,550,000.  The lowest sales price was $550,000 in Alton. The highest was $11,500,000 in Tuftonboro.

Waterfront Sales — Lake Winnisquam:

Housing Inventory Lacking - Lake Winnisquam, NH

4 Months 2024: There were waterfront homes sold (a 100% increase over 2023). The median sales price was $1,158,000 (a 45.3% decrease from 2023). The average sales price was $1,190,250, and the median days on the market were 44. Total sales volume was $4,761,000. The lowest sales price was $360,000 in Belmont. The highest was $2,085,000 in Laconia.

4 Months in 2023: There were 2 sales. The median sales price was $2,117,500. The average sales price was $2,117,500, and the median days on the market were 36. Total sales volume was $4,235,000.  The lowest sales price was $1,750,000 in Belmont. The highest was $2,485,000 in Belmont.

Waterfront Sales — Newfound Lake:

Newfound Lake, New Hampshire

4 Months 2024: There were 2 waterfront homes sold (a 33% decrease over 2023). The median sales price was $725,000  (a 56% decrease from 2023). The average sales price was $725,000, and the median days on the market were 60. Total sales volume was $1,450,000. The lowest sales price was $425,000 in Hebron. The highest was $1,025,000 in Bridgewater.

4 Months in 2023: There were 3 sales. The median sales price was $1,650,000. The average sales price was $1,781,666, and the median days on the market were 4. Total sales volume was $5,345,000.  The lowest sales price was $1,200,000 in Bristol. The highest was $2,495,000 in Hebron.

So, the real estate market keeps churning along even in the face of higher interest rates. The demand is out there, with a large number of buyers competing for a limited amount of inventory. To give you an example, I pulled up the number of single-family homes for sale on 5/1/2024 in 5 towns/cities that are priced at $400,000 and under. Here are the grim statistics: 

Gilford — 0 homes

Meredith — 0 homes

Moultonborough — 0 homes

Laconia — 1 home

Belmont — 4 homes

These are not good numbers, and they’re one of the reasons why our affordability index is the lowest in years. New Hampshire and the Lakes Region are very desirable places to live. It’s no wonder that New Hampshire ranks #9 in the hottest real estate markets in 2024 in the country. The only thing we need is more properties to come on the market.

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 05/1/2023 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.

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