The New Hampshire housing market in February 2025 presents a complex landscape, characterized by a mix of rising and falling metrics. The Median Sales Price for homes in the state stands at $481,100, reflecting a year-over-year decrease of 1.6%. This decline suggests a slight cooling in the market, potentially offering opportunities for buyers seeking more affordable options.

Conversely, the Median List Price has increased by 4.4% year-over-year, reaching $530,700. This rise indicates that sellers are optimistic about the market's potential, despite the decrease in sales prices. The median Price Per Square Foot has also seen a significant increase of 8.0% year-over-year, now at $281, while the Median List Price per square foot is $295, up by 7.3% from the previous year. These figures suggest that while overall sales prices have dipped, the value of homes on a per-square-foot basis continues to appreciate.

In terms of sales activity, 882 homes were sold in February, marking a modest year-over-year increase of 1.5%. However, Pending Sales have decreased by 9.8%, with 1,100 transactions currently in the pipeline. This decline in Pending Sales could indicate a slowdown in future market activity. New Listings have also dropped significantly by 13.7% year-over-year, with only 1,005 new properties entering the market. This reduction in New Listings may contribute to the limited inventory, which has increased by 6.9% to 2,287 homes, suggesting that while fewer new homes are being listed, existing inventory is taking longer to sell.

The Months of Supply, a critical indicator of market balance, has risen by 10.0% year-over-year to 2.6 months. This increase suggests a shift towards a more balanced market, although it still leans towards favoring sellers. The Median Days on Market have increased by 8.0% to 54 days, indicating that homes are taking longer to sell compared to the previous year.

The average sale to list ratio has decreased slightly by 1.1% to 99.3%, suggesting that homes are selling closer to their list prices, but with less frequency than before. The percentage of Homes Sold above list price has also decreased by 3.1% to 40.1%, reflecting a potential softening in competitive bidding situations. Price Drops have seen a slight increase of 0.4%, now at 12.1%, indicating that some sellers are adjusting their expectations to align with market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 6.5% to 52.7%, suggesting that buyers are taking more time to make purchasing decisions. This trend could be attributed to the increased inventory and longer days on market, providing buyers with more options and time to consider their choices.

Overall, the New Hampshire housing market in February 2025 presents a dynamic environment with both opportunities and challenges for buyers and sellers. While some metrics indicate a cooling market, others suggest continued growth and potential for appreciation. Stakeholders should remain vigilant and adaptable to navigate these evolving conditions effectively.