Concord, NH Metro Area Housing Market Analysis - November 2024
The Concord, NH metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $425,000, marking a significant year-over-year decline of 7.3%. This drop contrasts sharply with the Median List Price, which has risen by 15.1% to $494,900, indicating a potential disconnect between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has seen a modest increase of 3.5%, reaching $251.83. Meanwhile, the Median List Price per square foot has surged by 16.3% to $271.19, further highlighting the disparity between listing and selling prices.
The number of Homes Sold has experienced a robust increase of 29.2%, with 168 Homes Sold in November 2024. This uptick in sales is accompanied by a 14.1% rise in Pending Sales, totaling 154. However, New Listings have decreased by 15.7%, with only 107 new properties entering the market, contributing to a tighter inventory.
Inventory levels have decreased by 6.9% year-over-year, with 258 homes available, and the Months of Supply have plummeted by 60% to just 1.5 months. This significant reduction in supply suggests a competitive market environment, despite the decline in Median Sales Prices.
The Median Days on Market have increased by 5% to 41 days, indicating that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 1.5% to 99.8%, suggesting that homes are selling closer to their list prices, albeit with some negotiation.
The percentage of Homes Sold above list price has decreased by 4.7% to 47.6%, reflecting a shift in buyer behavior or market conditions. Additionally, the rate of Price Drops has increased by 13.1%, with 28.3% of listings experiencing price reductions, possibly due to initial overpricing.
Finally, the percentage of homes going off the market within two weeks has decreased by 6.1% to 43.5%, indicating a slight slowdown in the speed of transactions. Overall, the Concord, NH metro area housing market in November 2024 is characterized by a decline in sales prices amidst rising list prices and a competitive market environment with reduced inventory and supply.
