New Hampshire Real Estate Report

 

New Hampshire Real Estate in 2021 was red hot; in 2022, it doesn’t show signs of cooling off. In 2020, buyers were coming from Connecticut, Massachusetts to New Hampshire, and there was a decent amount of inventory. The next year, agents faced inventory shortages, becoming a buyer issue. In 2022, high demand is set to persist as a major concern for buyers. In 2021, home sales plateaued, but prices surged by 15.6%, with reduced days on the market. The hottest markets in New Hampshire were Manchester, New Hampshire, and Southern New Hampshire.  Besides Manchester and Southern New Hampshire, there are famous places with buyers. The Lakes region was also very popular with out-of-state buyers. The Lakes region saw high demand and above-asking offers. This made a very challenging market for buyers; many were sidelined in 2021. 

2022 Real Estate Predictions

In 2022, the predictions are demand will remain strong and supply will remain tight.  With interest rates expected to rise, buyers will have less flexibility with how much they can afford, but demand will remain strong with Millenial’s desire to own a home. We also anticipate a return to a traditional spring and fall market.

So, How did the state of New Hampshire perform? 

New Hampshire			2020	2021	Change
Total Sales in the State of New Hampshire			56,900	56,924	0.00%
Total Sales dollars			$18,877,979	$21,818,249	15.60%
Averge Sale Price			$331,775	$383,287	15.50%
Average Days on Market			59	38	35.60%
Sold Price vs List Price			99.11%	101.52%	2.40%

Lakes Region

The Lakes Region followed similar trends seen throughout the state. Home sales were steady, yet the average sales price increased by 7.7%, and average days on the market dropped by 34.2%. Many homes sold experienced homes with multiple bids and sold over asking. Many of the buyers in the market were out-of-state buyers from Massachusetts. Massachusetts buyers have faced tight inventory for years, yet navigating these challenges isn’t necessarily easier. During 2021, the following towns experienced a noteworthy surge in their average sale prices.

Alton	Gilford	Gilmanton
Laconia	Meredith	Moultonborough

The lack of inventory consequently made the market a seller’s market, and even now, the stock is minimal; in addition to rising interest rates, it will therefore be challenging for buyers but still be a strong market for sellers; however, it will become a balancing act on what to price your home since buyers will have less wiggle room to secure the home of their dreams. 

	2021	2020	Change
Total Sales	3,554	3,556	0.10%
Average Sale Price	$477,992	$443,953	7.70%
Average DOM	48	73	34.20%
Sold Price vs List Price	99.64%	97.23%	2.50%

 

 

 

 

Most towns in the Lakes region saw an average sale price increase, but not all. Center Harbor and Wolfeboro saw their average sale price decrease.  Center Harbor’s average sale price declined by 21.9%, and Wolfeboro saw an average sale price decline of 15.3%. Alton and Laconia saw the largest jump in average sale price. Alton went from an average sale price in 2020 of $458,900; in 2021, the average sale price was $532,500, which is a 16% increase.  Laconia had an average sale price 2020 of $310,800  and in 2021 $350,400, which is about a 12.7% change. 

ALTON	2021	2020	CHANGE
Total Sales in Units	182	169	7.7%
Average Sale Price	$532,500	$458,900	16.00%
Average Days on Market	68	96	29.20%
Sold Price vs List Price	101.72%	95.75%	6.20%
CENTER HARBOR	2021	2020	CHANGE
Total Sales in Units	32	41	22.00%
Average Sale Price	$577,900	$739,700	21.90%
Average Days on Market	100	103	2.90%
Sold Price vs List Price	97.76%	96.82%	1.00%
GILFORD	2021	2020	CHANGE
Total Sales in Units	299	278	7.60%
Average Sale Price	$504,100	$482,600	4.50%
Average Days on Market	38	53	28.30%
Sold Pirce vs List Price	98.74%	97.01%	1.80%
GILMANTON	2021	2020	CHANGE
Toal Sales in Unit	117	114	2.60%
Average Sales Price	$256,700	$233,800	9.80%
Average Days on market	56	74	24.30%
Sold Price vs List Price	100.59	98.92%	1.70%
LACONIA	2021	2020	CHANGE
Total Sales in Units	535	536	0.20%
Average Sale Price	$350,400	$310,800	12.70%
Average Days on Market	36	60	40.00%
Sold Price vs List Price	100.78%	98.77%	2.00%
MEREDITH	2021	2020	CHANGE
Total Sales in Units	196	221	11.30%
Average Sale Price	$640,700	$602,500	6.30%
Average Days on Market	43	73	41.10%
Sold Price vs List Price	99.55%	97.54%	2.10%
MOULTONBOROUGH	2021	2020	CHANGE
Total Sales in Unit	228	212	7.50%
Average Sale Price	$693,200	$541,100	28.10%
Average Days on Market	61	89	31.50%
Sold Price vs List Price	98.55%	97.15%	1.40%
WOLFEBORO	2021	2020	CHANGE
Total Sales in Unit	188	206	8.7
Average Sale Price	$437,000	$515,800	15.30%
Average Days on Market	57	93	38.70%
Sold Price vs List Price	98.67%	95.65	3.20%

Lake Sunapee Market

Lake Sunapee Region housing market had a big lack of inventory problems in 2021. Units sold decreased by nearly 16%. Buyer demand has not decreased in the Sunapee region. In most homes, the average sale price was increased by 12.8%. The average number of days on the market decreased by 34.1%, resulting in a seller market that was very challenging for buyers to navigate.  Andover, Grantham, New London, Newbury, Springfield, Sutton, and Wilmot all had a double-digit increase in their average sale price.  

Lake Sunapee Region
All Price Properties| All Price Points	2,021	2020	CHANGE
Total Sales In Unit	1,418.00	1,686	15.90%
Average Sale Price	$449,315	$398,181	12.80%
Average Days on Market	56	85	34.10%
Sold Price vs List Price	99.94%	96.78%	3.30%

If you would like a full report on the Sunapee Region Report

Monadnock Market 

Monadnock Region had a very strong year in 2021. Total sales increased by nearly 5%, the average sale price increased by nearly 17%, and days on the market decreased by 35%. Towns like Antrim, Dublin, Francestown, Greenville, Hancock, Harrisville, Rindge, and Temple all experienced double-digit increases in their average selling price. Like the lakes region, Sunapee region, and many other parts of the state, the market favored sellers for the Monadnock Region.  

Monadnock Region
All Properties| All Price Points	2021	2020	CHANGE
Total Sales in Units	5,484	5,229	4.90%
Average Sale Price	$309,882	$264,868	16.99
Average Days on Market	40	62	35.48%
Sold Price vs List Price	99.64%	96.30%	3.50%

 

If you would like a full report on the Monadnock Region, click on Monadnock Report.

Southern New Hampshire Market 

Southern New Hampshire’s housing market was very strong in 2021. The total sales were relatively flat. However, the average sales price increased by 17.5%, with many properties selling above asking. Average days on the market were down 31.3%. Towns like Amherst, Bedford, Candia, Dunbarton, Hollis, Hopkinton, and Weare all saw an increase of 20% or more. Inventory was tight, and buyer demand created a seller’s market, and it was not easy for buyers to find their dream home. 

Southern New Hampshire	2021	2020	CHANGE
All Properties | All Price Points
Total Sales in Units	14,032.00	14,010	0.2%
Average Sale Price	$406,762	$346,169	17.50%
Average Days on Market	22	32	31.30%
Sold Price vs List Price	103.10%	100.73%	2.40%

 

If you would like a full report on Southern New Hampshire, Click on Southern NH Report.

 

 

 

Upper Valley of New Hampshire

Upper Valley of New Hampshire towns like Charlestown, Claremont, Enfiled, Grafton, Grantham, Hanover, Lebanon, Oxford, Plainfield, and Springfield. All these areas saw double-digit increases in the average sale price. Like most states, the trend was a lack of inventory combined with higher buyer demand, creating a seller’s market for the upper valley of New Hampshire. Total units sold were relatively flat. Nevertheless, there’s more to the story. However, the average sale price increased significantly by 9.1%. Additionally, most homes sold above asking, and, as a result, the days on the market decreased by 29%.

Upper Valley New Hampshire	2021	2020	CHANGE
All Properties| All Price Points
Total Sales in Units	3,586	3,614	0.80%
Average Sales Price	$340,458	$312,036	9.10%
Average Days on Market	60	85	29.40%
Sold Price vs List Price	99.87%	96.86%	3.10%

 

If you would like a full report on Upper Valley New Hampshire, Click on Upper Valley New Hampshire Report.

In late 2021, Four Seasons Sotheby’s Realty expanded to include New York, with offices in the Hudson Valley, upstate New York, Central New York, and Western New York. While we don’t have the latest New York market reports, if you’d like information on how these markets performed in 2021, please feel free to reach out to me. It’s likely that, given the trend of low inventory and high buyer demand, many areas saw homes selling above asking prices and days on the market decreasing compared to 2020. As a licensed agent in New Hampshire and Massachusetts, I’ve witnessed record sales and sustained high demand in these regions.

2022 forecast or New Hampshire Real Estate 

In 2022, both buyers and sellers are confronted with a range of challenges. On the seller’s side, they must price their homes realistically, particularly if their properties don’t meet all the criteria; otherwise, their homes may linger on the market. However, the major change this year is the impending rise in interest rates. This increase, possibly involving up to nine rate hikes, is subject to external influences, such as international tensions like the Russia-Ukraine conflict.. This uncertainty may lead buyers to hit their budget limits sooner, potentially reducing bidding interest for sellers.

Home Prices and the impact of inflation

Buyers will find prices in 2022 will not go down with time. Interest rates rising will keep home prices high. If you are a renter, you might do the math and find buying a home cheaper than renting. During times of inflation, owning a home has been better than renting.  

New Hampshire Long Term Solution 

New Hampshire is trying to look to the future. Companies can’t grow and get the talent they want if employees can’t secure a home to buy. Many local towns have zoning laws that need to be changed to allow more housing. In its effort to stimulate economic growth, the government has freed up a considerable amount of financial assistance for companies. However, this aid comes with stringent requirements that businesses must adhere to in order to qualify for funding..  Like other neighboring states, lack of inventory is the issue, and without a solution for the housing shortage, it will affect different sectors of the state. 

Seller issue 

Sellers in 2022 might face the challenge of finding their next home. Thinking creatively, they could sell in a tight market and temporarily move into a short-term rental. While this might mean purchasing their next home at a higher interest rate, the market should, in turn, normalize as rates rise. As a result, there will likely be fewer offers, thereby contributing to a better balance. However, it’s perfectly natural to want to sell and buy simultaneously. However, considering renting could be a practical interim solution, given the circumstances. Alternatively, a leaseback could be regarded as if the buyer has flexibility on their move-in date. Consult your agent to explore these options.

 

Conclusion 

Speak with your agent about exploring options. While the fear of not finding a suitable place to move into is understandable, it’s a manageable concern; moreover, high inventory and moderate demand may not appear soon.. Having worked in Boston for years, we’ve dealt with this issue extensively and continue to help clients. This problem isn’t unique to Massachusetts, and agents experienced in low inventory situations may be your best choice this year. I can assist you directly if you’re considering buying or selling in New Hampshire or Metro Boston. If you’re planning a move between states, our extensive global network can connect you with the right agent or services to make achieving your goals effortless.