New Hampshire Housing Market: November 2024 Analysis
The New Hampshire housing market in November 2024 presents a complex landscape characterized by both declines and growth in various metrics. The Median Sales Price for homes in the state stands at $480,100, reflecting a decrease of 1.8% year-over-year. Similarly, the Median List Price has decreased by 1.7% to $487,900. These declines suggest a slight cooling in the market compared to the previous year.
Despite the drop in sales and list prices, the median Price Per Square Foot has increased by 5.7% to $271, while the Median List Price per square foot has surged by 12.4% to $287. This indicates a growing demand for smaller, more affordable homes, or possibly a shift in buyer preferences towards properties with higher quality finishes or in more desirable locations.
In terms of sales activity, the number of Homes Sold has seen a modest increase of 0.5% year-over-year, totaling 1,463 homes. Pending Sales have experienced a more significant rise of 8.8%, reaching 1,396. This uptick in Pending Sales suggests a potential increase in closed sales in the coming months, indicating a resilient buyer interest despite the overall price adjustments.
New Listings have decreased by 11.4% to 1,078, which could be contributing to the upward pressure on Price Per Square Foot metrics. Inventory levels have risen by 5.6% to 3,031 homes, and the Months of Supply have increased by 10% to 2.1 months. This increase in inventory and supply suggests that the market is gradually moving towards a more balanced state, although it still favors sellers to some extent.
The Median Days on Market have increased by 5% to 43 days, indicating that homes are taking slightly longer to sell compared to last year. The average sale to list ratio has decreased by 0.8% to 99.6%, and the percentage of Homes Sold above list price has dropped by 4.7% to 42.7%. These metrics suggest that buyers are gaining slightly more negotiating power, and sellers may need to adjust their expectations accordingly.
Price Drops have increased by 2.6% to 20.5%, reflecting a growing trend of sellers adjusting their pricing strategies to align with market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 5.3% to 45.5%, further indicating a shift towards a more balanced market.
Overall, the New Hampshire housing market in November 2024 is experiencing a mix of declining prices and increased buyer activity. While the market shows signs of cooling in terms of sales and list prices, the rise in Price Per Square Foot and Pending Sales suggests that demand remains strong, particularly for certain types of properties. As the market continues to adjust, both buyers and sellers will need to remain adaptable to the evolving conditions.
