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Condo option getting less affordable for New Hampshire homebuyers


CONCORD, NH – Home buyers looking for a cheaper condominium/townhouse option are finding that increasingly tough in New Hampshire as prices climb and inventory doesn’t.

Median sales price for a condo was $405,000, up from $385,000 in August and $345,000 in September 2022, according to the latest report from the New Hampshire Association of Realtors.

Meanwhile, a single-family home cost a median $490,000 in New Hampshire, the same as it was last month, and up $50,000 from what it was a year ago. Median means that half of the homes sold cost more, and half less.

While condos have historically been a good option for those looking to buy, particularly first-time homebuyers, the market is much smaller. The domino effect of lack of inventory for single-family homes is now taking its toll. 

The affordability index for condos is at 71, which means that New Hampshire’s median income is 71% of what is needed to buy a median-priced condo (monthly mortgage payment, insurance and taxes). That’s a drop from 89 a year ago. The affordability index for single-family homes remains at an all-time low of 59.

There were 399 new condo listings in New Hampshire in September, a 10.1% decrease from this time last year. There were 517 on the market, compared to 573 in September 2022. Buyers were paying 102.1% over MSP. Inventory was down 9.8% for condo properties, the NHAR reported.

On the single-family home front, closed sales were down 29.7% from September 2022. Homes for sale are spending an average 23 days on the market, as opposed to 20 in August, but the same amount as a year ago. There were 1,474 new listings in September, a slight increase from 1,147 in September 2022. There were 2,003 single-family homes for sale in September, however, down from 2,186 the year before.

The good news is that inventory of single-family homes increased to two months’ worth, for the first time since mid-2020.  Condo inventory is at 1.6 months, the same as it was in August, and a slight increase over where it’s been for more than a year.


About this Contributor

Maureen Milliken

Maureen Milliken is a contract reporter and content producer for consumer financial agencies. She has worked for northern New England publications, including the New Hampshire Union Leader, for 25 years, and most recently at Mainebiz in Portland, Maine. She can be found on LinkedIn and Twitter.

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