CONCORD, NH – Median sales price for a single-family home in New Hampshire continued its record-breaking rise in May, but sales indicators signal that the market is loosening up.
The median sales price for an existing single-family home in New Hampshire in May was $525,000, up from $515,000 in April and from $465,000 in May 2023, according to the New Hampshire Association of Realtors monthly market report. The national median sales price in May was $407,600. Median means that half of the homes sold for more, half for less.
The new high kept the New Hampshire affordability index at its all-time low of 56. That means that the median area income, as determined by the U.S. Census Bureau, is 56% of what’s necessary to afford a monthly payment on a median-priced home, including current average interest rate, taxes and insurance.
Those looking for a condo or townhouse, traditionally a less expensive option, had a little more price relief than single-family homebuyer in May, but with a lot less property to choose from. The median condo/townhouse sales price in May was $449,900, with a 65 on the affordability index.
On the bright side, sales indicators for single-family homes increased in every category over May 2023. There were 1,899 new listings, a 16.9% increase over last year’s 1,625; 1,036 closed sales, a 7,1% increase over last year’s 967; 1,308 pending sales, a 1.2% increase over last year’s 1,293; and 1,949 existing single-family homes for sale, a 28.1% increase over1,531 in May 2023.
Available inventory was 2.0 in May, up from 1.4 a year ago, meaning that if no more properties came on the market, it would take two months to sell all those listed at the current sales pace. Industry experts like to see an inventory of around six months, a level New Hampshire hasn’t reached since mid-2016.
Despite the sales indicators, single-family home buyers were still feeling the heat. Aside from the record-high median sales price, homes were only staying on the market for 27 days, a one-day increase over this time last year and a three-day drop from April. Buyers paid an average 102.2% over listing price, compared to 102.7% a year ago. In April, single-family home buyers paid an average 101.3%.
The condo-townhouse market also showed better sales indicators in May as compared to 12 months before. There were 397 closed sales in May, compared to 329 in May 2023; there were 381 pending sales, compared to 353; there were 513 new listings, compared to 472 a year before; and a total of 614 existing townhouse/condos for sale compared to 481 a year before, a 27.7% increase.
Available inventory on existing condo/townhouse properties was 1.8, an increase over 1.4 a year before. Days on the market, 30, was the same as May 2023, but buyers got a little relief when it came to what they paid vs. listing price – they paid an average 101% of listing, compared to 102.7% a year before. In April, condo/townhouse buyers paid an average 101.4% of list price, and the properties were on the market an average of 38 days.