New Hampshire Housing Market: September 2024 Analysis
The New Hampshire housing market in September 2024 presents a complex landscape, characterized by contrasting trends in pricing and sales activity. The Median Sales Price has decreased by 2.1% year-over-year, settling at $492,700. In contrast, the Median List Price has risen by 5.2% to $507,700, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics further highlight this divergence. The median Price Per Square Foot has increased by 6.7% to $278, while the Median List Price per square foot has surged by 9.5% to $282. This suggests that while sellers are optimistic about pricing, buyers are exercising caution, possibly due to economic factors or market saturation.
Sales activity in New Hampshire shows positive momentum. Homes Sold have increased by 3.6% year-over-year, totaling 1,628 units. Pending Sales have seen a more substantial rise of 9.2%, reaching 1,824 units. This uptick in Pending Sales could indicate a robust demand that may translate into future sales growth.
New Listings have also increased by 3.8% to 1,929, contributing to a significant 16.7% rise in inventory, now at 3,759 units. The Months of Supply have expanded by 30.0% to 2.3 months, suggesting a shift towards a more balanced market, albeit still favoring sellers slightly.
The Median Days on Market have increased by 4.0% to 36 days, reflecting a slight slowdown in the pace of sales. The average sale to list ratio has decreased by 1.3% to 100.2%, indicating that homes are selling closer to their list prices, but with less frequency above list price. The sold above list ratio has dropped by 8.0% to 45.5%, further emphasizing this trend.
Price Drops have become more common, with a 4.6% increase, now affecting 24.4% of listings. This could be a response to the increased inventory and longer market times. Additionally, the percentage of homes going off market in two weeks has decreased by 5.8% to 55.5%, suggesting that buyers are taking more time to make purchasing decisions.
Overall, the New Hampshire housing market in September 2024 reflects a dynamic environment with rising list prices and increased inventory, yet tempered by a decline in sales prices and a more cautious buyer approach. These factors together suggest a market in transition, potentially moving towards greater equilibrium between buyers and sellers.
