NEW HAMPSHIRE
Home Sales Up, Average Price Up
Home sales are up 6.4% year over year, with October 2024 at 1,640 compared to 1,541 last October. Sales are up for single and multi-family homes, and there has been no change for condos.
- Single families: 1,092 (2023) | 1,173 (2024)
- Condominiums: 375 (2023) | 375 (2024)
- Multi-families: 74 (2023) | 92 (2024)
Average sale price increased by 10.4% when compared to last October, now at $595,396. Prices increased across all categories.
- Single families: $576,966 (2023) | $634,992 (2024)
- Condominiums: $435,766 (2023) | $488,180 (2024)
- Multi-families: $507,235 (2023) | $527,573 (2024)
Homes Listed For Sale:
The number of homes listed is up by 4.5% when compared to October 2023.
- 2024: 1,908
- 2023: 1,826
- 2022: 1,741
Pending Home Sales:
The number of homes placed under contract is up by 7.9% when compared to October 2023.
- 2024: 1,769
- 2023: 1,640
- 2022: 1,687
Data provided by PrimeMLS then compared to the prior year.
What’s Happening in the Market?
- Nationally, existing home sales rose 3.4% in October to an annual rate of 3.96 million, marking the first year-over-year increase in 37 months since July 2021. Similar to the national trend, New Hampshire saw increases in both home sales and prices compared to last year
- Home sales increased both before and after the election, most likely due to strong local demand and steady market conditions. Unlike areas affected by election uncertainty, buyers and sellers in New Hampshire stayed active. Factors like stable mortgage rates, low inventory, and motivated buyers helped keep the market busy during this time.
- According to Mortgage Daily News, mortgage rates in October began at approximately 6.2% and steadily rose to around 7% by month’s end. Despite the rise, rates are still lower than the 7.9% recorded during the same time last year, showing some year-over-year improvement.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Sellers and buyers, navigating the process of selling and buying at the same time can be overwhelming, especially during the holiday season. However, with the current market presenting a great opportunity for buyers and sellers, it’s worth considering. Taking the right steps now could help you make a smooth transition, balancing both the sale of your current home and the purchase of your new one.