New Hampshire Housing Market Analysis - July 2024
The New Hampshire housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. Below is a detailed analysis of the current state of the market.
Median Sales and List Prices
The median sales price for homes in New Hampshire stands at $500,600, reflecting a year-over-year (YoY) decrease of 3.0%. In contrast, the median list price is $504,800, showing a slight YoY increase of 0.1%. This divergence suggests that while sellers are maintaining their listing prices, buyers are negotiating lower final sales prices.
Price Per Square Foot
The median price per square foot has risen to $281, marking a significant YoY increase of 8.9%. Similarly, the median list price per square foot is $277, up by 5.7% YoY. These increases indicate a growing valuation of property on a per-square-foot basis, despite the overall drop in median sales prices.
Sales and Inventory
The number of homes sold in July 2024 is 1,712, which is an 8.9% increase YoY. Pending sales are also up by 7.8% YoY, totaling 1,966. New listings have surged by 10.8% YoY, reaching 2,050. Inventory levels have seen a substantial rise of 24.1% YoY, now standing at 3,648 homes. The months of supply have increased by 20.0% YoY to 2.10 months, indicating a more balanced market compared to the previous year.
Market Dynamics
The median days on market is 29, reflecting a modest YoY increase of 3.0%. The average sale to list ratio is 101.5%, down by 1.0% YoY, suggesting that homes are still selling slightly above their list prices, but the margin has decreased. The percentage of homes sold above list price is 53.2%, a decline of 4.2% YoY, indicating a cooling in competitive bidding.
Price Adjustments and Market Speed
Price drops have increased by 5.9% YoY, now at 24.0%, suggesting that sellers are more frequently adjusting their expectations to meet market conditions. The percentage of homes going off market in two weeks is 58.8%, down by 6.2% YoY, indicating a slight slowdown in the speed at which homes are being sold.
Overall, the New Hampshire housing market in July 2024 shows a mix of rising inventory and price per square foot, alongside a slight cooling in sales prices and market speed. These trends suggest a market that is adjusting to new dynamics, with increased inventory providing more options for buyers and a slight easing in competitive pressures.
