Executive Summary
- New Hampshire’s median single-family home price rose to $527,950 in October, a 4.5% increase year-over-year.
- Key market indicators showed growth: closed sales (+6.9%), pending sales (+20.5%), and new listings (+14.9%) all increased from the previous year.
- The city of Manchester recorded a median price of $470,000 with an extremely tight inventory of only 1.2 months’ supply, leading buyers to pay above list price.
- Despite increased market activity, the statewide affordability index remains low at 60, indicating significant financial challenges for potential homebuyers.
New Hampshire’s single-family home market experienced a slight loosening in October, with closed sales, new listings, and overall inventory all showing year-over-year increases. Despite this uptick in activity, the median sales price remains elevated at $527,950, a 4.5% rise from October of the previous year, continuing to challenge affordability for the average resident, according to data from the New Hampshire Association of Realtors.
Statewide Market Analysis
Several key indicators pointed to a more active market compared to the same period last year. Closed sales rose by 6.9%, pending sales increased by 20.5%, and new listings were up by 14.9%. The total number of homes for sale saw a significant 20.2% jump. This led to a 2.4-month supply of inventory, an improvement from 2.1 months a year ago, though still well below the six months considered necessary for a balanced market.
The state’s affordability index was 60 in October, meaning the median household income is only 60% of what is required to afford a median-priced home. On average, homes sold for 99.1% of their list price and spent an average of 32 days on the market, slightly longer than the 27 days recorded a year prior.
Manchester and County-Level Data
In the city of Manchester, the median sales price for a single-family home was $470,000 in October. While this is below the state median, buyers paid an average of 101.7% of the list price, reflecting intense competition. Inventory in Manchester is extremely tight at just 1.2 months’ supply, although this is an improvement from 0.9 months a year ago.
Hillsborough County, the state’s most populous, recorded a median sales price of $525,000. In contrast, Coos County offered the most affordable homes with a median price of $249,500, while Rockingham County was the most expensive at $668,000.
Condominium and Townhouse Market
The statewide condominium and townhouse market showed a median sales price of $400,225, a decrease from $430,000 a year ago. This segment also saw increases in sales, listings, and inventory, with an inventory supply of 2.3 months. Buyers in this category paid an average of 99.9% of the list price.
National Perspective
Nationally, the median sales price for a single-family home was $415,200 in October, a 2.1% increase year-over-year, according to the National Association of Realtors. The U.S. housing inventory stood at a 4.6-month supply. The NAR noted that falling mortgage rates contributed to a rise in existing home sales across most regions.
