JUNE 2023
new hampshire housing report
June Highlights
- The number of homes listed in New Hampshire is down 22.8% when compared to June 2023. Furthermore, the number of homes listed in the first half of the year is the lowest in recorded history.
- Fewer listings can mainly be attributed to sellers hesitating to put their homes on the market as they do not want to lose their low 2-3% mortgage rates from the pandemic. As such, inventory is struggling to rise enough to keep up with the buyer demand that is currently in the market.
- Inevitably, most sellers will have to list their home to accommodate family needs, career, etc. and it is crucial that sellers price their home competitively to drum up more demand as the more buyers you can attract, the more leverage you have to better dictate terms – especially beneficial for those who are in sell/buy situations.
- Mortgage rates hovered in the high 6%s throughout the month of June. This coupled with other economic factors has made affordability a serious concern and deterrent for many buyers. In fact, the number of homes sold in New Hampshire is down when compared to this time last year.
- Despite this fact, there are still serious buyers in the market who are creating sufficient demand and therefore competition. If you are thinking about buying a home, make sure you know your mortgage options and be ready to strike in this summer market!
- Average prices increased for single families and condos but decreased for multi-family homes. Keep in mind, we are currently seeing high buyer demand in the market with a low supply of homes. These conditions would normally lead to an increase in prices. The key difference this year is that factors such as increased mortgage rates and inflation are straining overall consumer affordability which will keep housing prices from soaring.
NEW HAMPSHIRE
Combined Home Sales Down 15.8%
Combined sales are down 15.8% year over year, with June 2023 at 1,908 compared to 2,266 last June. Sales are down across all categories.
- Single families: 1,631 (2022) | 1,398 (2023)
- Condominiums: 480 (2022) | 406 (2023)
- Multi-families: 155 (2022) | 104 (2023)
The combined average price increased by 9.1% when compared to last June, now at $565,630. Prices increased for single families and condos but decreased for multi-families.
- Single families: $546,971 (2022) | $600,243 (2023)
- Condominiums: $389,224 (2022) | $457,413 (2023)
- Multi-families: $619,826 (2022) | $522,811 (2023)
Homes Listed For Sale:
The number of homes listed is down by 22.8% when compared to June 2022, as would-be sellers are concerned about jumping into the market.
- 2023: 2,254
- 2022: 2,919
- 2021: 3,226
Pending Home Sales:
The number of homes placed under contract is down by 13.3% when compared to June 2022.
- 2023: 1,962
- 2022: 2,263
- 2021: 2,591
Data provided by NEREN then compared to the prior year.