Welcome to the beautiful state of New Hampshire, where the real estate market is thriving in 2023. If you're considering buying or selling a home, it's important to understand the current state of the market.
Let's start with home prices. According to the NH Association of Realtors (NHAR), the median single family home value in New Hampshire is currently $430,000, which represents a 3.6% increase from last year. While this may be discouraging for buyers hoping for a bargain, it's good news for sellers who are looking to maximize their profits.
Another factor driving the New Hampshire real estate market is the low inventory of homes available for sale. In March, there were only 1,211 single family homes for sale in New Hampshire, which represents a 1.2% decrease from this time last year. This shortage of homes is putting pressure on buyers to act quickly when a desirable property comes on the market. As a result, homes are selling quickly, with the average time on market in New Hampshire being just 38 days.
It's worth noting that while the inventory of homes for sale is low, new construction is booming in New Hampshire. According to the National Association of Home Builders, single-family housing permits in New Hampshire were up 28% year-over-year in February 2023. This growth in new construction is helping to address the shortage of homes available for sale, but it may take some time for these new homes to hit the market.
Another trend that's shaping the New Hampshire real estate market is the influx of out-of-state buyers. According to a recent survey by Redfin, 30% of homebuyers in New Hampshire were from out of state in 2022. Many of these buyers are coming from more expensive markets, such as Boston or New York City, where there money doesn’t go as far as it does here in New Hampshire.
In terms of specific cities or regions, the Seacoast area of New Hampshire is particularly hot right now. According to Zillow, the median home value in Portsmouth is $484,900, which represents a 17.3% increase from this time last year. In nearby Dover, the median home value is $407,300, which represents a 16.5% increase from last year. Both cities are popular among out-of-state buyers who are drawn to their charming downtown areas, proximity to the ocean, and easy access to Boston.
The New Hampshire real estate market is currently characterized by high home prices, low inventory, and a strong demand from out-of-state buyers. Whether you're buying or selling, it's important to work with a knowledgeable real estate agent who can help you navigate the market and make the most of your investment. With its stunning natural beauty, rich history, and strong economy, New Hampshire is an excellent place to call home!
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