New Hampshire Housing Market Analysis - August 2024
The New Hampshire housing market in August 2024 is presenting us with various indicators showing both growth and decline. The Median Sales Price for homes in the state stands at $502,700, reflecting a modest year-over-year (YoY) increase of 0.6%. This slight uptick suggests a stable market with incremental appreciation in home values.
Conversely, the Median List Price has decreased by 3.1% YoY, now at $484,800. This decline indicates that sellers may be adjusting their expectations to align more closely with market conditions, potentially to attract more buyers.
The median Price Per Square Foot has risen by 5.2% YoY to $274, while the Median List Price per square foot has seen an even more significant increase of 6.8% YoY, now at $279. These figures suggest that while overall list prices are down, the value per square foot is appreciating, indicating a demand for quality over quantity in the housing market.
In terms of sales activity, 1,831 homes were sold in August 2024, marking a 3.4% increase YoY. However, Pending Sales have slightly decreased by 0.7% YoY to 1,850, suggesting a potential slowdown in future sales. New Listings have also seen a minor decline of 0.6% YoY, totaling 1,928 for the month.
Inventory levels have surged by 18.9% YoY, reaching 3,656 homes. This increase in inventory, coupled with a 30.0% YoY rise in Months of Supply to 2.0 months, indicates that the market is becoming more balanced, shifting slightly in favor of buyers.
The Median Days on Market have increased by 9.0% YoY to 36 days, suggesting that homes are taking longer to sell. This is further supported by the average sale to list ratio, which has decreased by 0.9% YoY to 100.8%, and the percentage of Homes Sold above list price, which has dropped by 6.5% YoY to 50.8%.
Price Drops have become more common, with 24.9% of listings experiencing a reduction, up by 6.1% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased by 12.5% YoY to 51.2%, indicating that buyers are taking more time to make purchasing decisions.
Overall, the New Hampshire housing market in August 2024 shows signs of stabilization with a slight tilt towards a buyer's market. While home values and Price Per Square Foot are appreciating, the increase in inventory and longer time on market suggest that buyers have more options and negotiating power than in previous months.
