2023 New Hampshire Rest Estate Market in Review
There are many reasons why someone would want to live in New Hampshire. There are unparalleled opportunities to get outside and appreciate nature across the state. You could spend a day, a weekend or a full few days hiking the Appalachian Scenic Trail. Likewise, you can spend the weekends on the coast either by the lakes or go surfing at some of the best spots in New England with 13-miles of beautiful coastline.
New Hampshire is also incredibly popular because of its lack of sales tax. One of only three states in the country with no sales tax, no local municipalities nor the state levies such a fee on consumers. It’s really as simple as what you see on a label is what you pay, which is a huge benefit for consumers because people end up saving a lot of money.
Speaking of the tax climate, along with excellent schools, livability, safety, low poverty rates, and family well-being, New Hampshire consistently ranks in the top 10 states in the country for quality of life. This of course is as good a reason as any to move to New Hampshire.
It’s been quite a year for the market in New Hampshire this past year. Based on the most up-to-date data, here are some things to keep in mind as 2023 comes to an end, and what to keep in mind for 2024.
Prices Are Rising
The cost of a single-family home has gone up 8.9% since last summer, when the price of a single-family home was around $490,000 in August. Generally, the market across the state has been doing exceptionally well. Between consistent, sustained price growth and rapid sales, it’s great to buy and sell across the state.
It’s A Sellers Market
It’s a great time to sell across the state. Quick agreements and multiple offers have persisted in various areas and it’s predicted that this trend will continue beyond the end of the season. This is especially promising news for young buyers or buyers looking to purchase their first home. The average cost of a home has been around $449,779, which is a much more reasonable number as compared to prices in Massachusetts.
Variations in Pricing
In certain counties throughout the state, prices are fluctuating. For example, due to increased activity on the coast, the median price of a home was $628,000 whereas in places like Coos County, the median price of a new home is $227,500, the lowest median price in New Hampshire. Keep this in mind when marketing your listings. Areas such as this are going to be attractive to first-time home buyers, especially with fast-growing prices.
Homes Along the Coast Are Getting Real Expensive
According to a report by the New Hampshire Business Review prices in coastal towns are reaching all-time highs, and in some cases breaking records. The median price for a single-family home in Rockingham County is $775,000, a 13.9% increase since data was collected last year. The price of a condo in the same location, however, saw a 20% increase with the median price sitting around $569,950.