CONCORD, NH – November single-family home prices in New Hampshire were the lowest they’ve been since March, and, as the year draws to a close, sales and listings are on track to do better than they did in the state in 2023.
The median price for an existing single-family home in November was $500,000, the lowest it’s been in seven months, but still well above the $450,000 it was in November 2023, according to the New Hampshire Association of Realtors monthly market report. Median means that half of the homes sold in November were higher than that amount, and half lower. The MSP was slightly down from October’s $505,000.
Closed sales (11,076 so far this year, compared to 10,706 by November 2023), pending sales (11,615 vs. 11,037) and new listings over the course of the year (14,120 vs. 13,040) all show gains over 2023.
That said, inventory remains low, one of the main factors in high home prices. Months’ supply of inventory at the end of November was 1.9, the same as it was a year ago, but considerably lower than it’s been since spring. That means if all of the homes on the market sold at the pace they’re selling now, with no new properties added it would take 1.9 months to sell them. The industry considers 6-8 months’ inventory ideal. Inventory had risen to 2.5 in September and dropped to 2.4 in October.
The high median sales price means homes are tough to afford for New Hampshire residents who aren’t high-earners. The affordability index for November was 60, meaning that the state’s median income is 60% of what’s needed to meet the monthly cost of owning a home, including mortgage payment, insurance and property tax. Affordability index in November 2023 was 64. It was 61 in October.
There were 1,071 closed sales in November, up slightly from 1,047 a year ago; there were 974 pending sales, up 23.8% from 787 in November 2023. New listings were down slightly, to 847 from 866. At the end of the month there were 1,968 homes for sale, up 8.1% from 1,820 a year ago. Homes stayed on the market an average 31 days, compared to 27 a year ago.
Buyers got a little bit more of a break on price, paying 99.6% of list price compared to 100.2% a year ago.
Median sales price in the much smaller condo/townhouse market was down 4.4% from this time last year – to $410,000 from $429,000 for 314 closed sales, compared to 342 in November 2023.MSP was $430,500 in October. Because the market is so much smaller, fluctuations in price tend to be greater – a small number of high-priced properties can make a significant difference.
There were 273 pending sales, down from 283; there were 263 new listings, down from 338. Overall, there were 629 condo/townhouse properties on the market at the end of the month, compared to 579 a year ago. Properties were spending an average 38 days on the market, compared to 23 a year ago. Inventory was 1.9, compared to 1.8 a year ago and 2.1 in October.
Buyers paid an average 100.3% of list price, compared to 101.2% a year ago. The affordability index for a condo/townhouse was 73 in November, up from 67 a year ago. It was also up from 71 in October.
Nationally, existing-home single-family home sales were up 3.4% from October and 2.9% from a year ago, with 3.96 million sold, thanks in part to lower mortgage rates in late summer and early fall, according to the National Association of Realtors. Those figures exceeded economists’ expectations for the month and marked the first annual gain since July 2021.
Inventory continues to improve nationally, with a 0.7% increase from October and 19.1% from a year ago, for a 4.2-month supply, according to NAR. The national median sales price for an existing single-family home is $407,200.