It remains difficult for New Hampshire residents to both buy and sell a home, with tight inventory and high prices continuing to slow the market.
Single-family home sales across the country had their biggest year-over-year decline in 20 years in April, and New Hampshire followed the trend, with a 25.1% drop in closed sales in April when compared to April 2022, according to the New Hampshire Association of Realtors monthly market report.
The state median single-family home price in April was $450,000, an increase from $445,000 in April 2022. Median means that half of the homes sold at a higher price, and half lower. The year-to-date median is $435,000, an increase over last April’s $425,000.
The affordability index – the indicator of how the average New Hampshire resident’s ability to buy a single-family home – dropped to 69 in April. That means that median income in New Hampshire is 69% of what’s necessary to qualify to buy a median-priced home. The index takes into consideration what a monthly payment would be, measuring price, interest rates, property taxes and insurance. The affordability index over the past 12 months has been the lowest in 20 years.
Those looking to buy a condo fared a little better, with an affordability index of 86. The median condo sales price in April was $360,500, up from $340,000 a year ago. The statewide year-to-date median price for a condo is $350,000.
Lack of inventory continues to drive the other factors. While the months’ supply was up slightly to 1.1, there were only 1,216 new listings in April, down 24.6% from a year ago. Overall, there were 1,262 single-family homes for sale in New Hampshire in April, down 8.6% from a year ago. The 1.1 inventory means it would take just over a month to sell all the available homes on the market if there were no new listings. A comfortable supply is four to six months, industry experts say.
The condo inventory in April was also 1.1, with 343 new listings and 362 on the market.
Nationally, there is only 2.6 months’ supply of inventory, according to the National Association of Realtors. “Competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties,” the NAR said in its monthly report.
The New Hampshire Zoning Atlas, an interactive data set and map of all of the state’s zoning regulations, was released Tuesday, and industry experts are hoping that it will lead to policy changes on the local level that will remove barriers to developing more residential housing.
Some of April’s New Hampshire residential real estate market statistics:
- 713 sales closed on single-family homes, down from 952 in April 2022; there have been 2,628 so far this year, down from 3,325 a year ago. There were 271 closed condo sales, down from 351; there have been 941 so far this year, down from 1,251.
- Single-family homes spent an average 40 days on the market, up from 22 a year ago; they’ve spent an average 39 days on the market the first four months of this year, up from 30 a year ago. Condos spent 24 days on the market in April, up from 15; the year’s average is 32, up from 25.
- Buyers are paying 101.4% of list price for a single-family home, down from 104.4% last April; the average this year is 99.9%, down from 102.9% at this time last year. Condo buyers are paying 103.1% of the list price, down from 104.6%; so far this year they’re paying 101.3%, down from 103.4% at this time last year.
- Volume of closed sales for single-family homes was $395.4 million, down from $490.4 million a year ago; the average so far this year is $1.389 billion, down from $1.676 billion a year ago. Volume for condo sales is $115.3 million, down from $132.4 million; year’s average so far is $383.8 million, down from $459.7 million.