New Hampshire home prices hit all-time record high
NHAR says while the number could fluctuate slightly in either direction with additional sales data, the $565,000 represents a 4.6% increase from the previous median price high of $540,000 set in June 2024 and tied in May.
It also marks the 65th consecutive month that the state has seen a monthly price increase compared to the same month of the prior year.
'The idea of owning a home is becoming more challenging for too many New Hampshire residents, especially young families and first-time home buyers,' NHAR President Susan Cole said in a statement. 'Demand for housing in our state is still very high, and these numbers suggest that trend is not going away soon.'
There were 2,431 single family residential units on the market at the end of June. NHAR said the last time New Hampshire had a balanced housing market – October 2016 – there were 7,112 homes for sale. There's been a 66% decline in homes on the market since that time.
'Yes, there are more houses on the market than there were a few years ago, but it's very important to keep that in context,' Cole said. 'You don't get the full picture unless you look back 10 or 15 years and compare this to a healthy market.'
Cole said it's important to remember that while national headlines describe a more robust inventory recovery, New Hampshire has not caught up to that trend.
In May there was a 4.6-month housing supply nationally (the amount of time it would take to sell the current housing stock) while New Hampshire had less than half that — a 2.1-month supply.
A balanced market is generally thought to be a supply of between 5 to 7 months.
Cole said state legislators recently passed legislation designed to increase inventory and address affordability issues including:
• House Bill 577, which expands the ability of property owners to build an accessory dwelling unit (ADU) on their property.
• House Bill 631, which would require municipalities to allow multi-family residential development on commercially zoned land, provided adequate infrastructure (roads, water, and sewage systems) is available or provided to support the development.
• Senate Bill 284, which mandates that towns can only require one parking space per housing unit on new development.
State home prices in 2024 set an annual record for the seventh straight year. The median home price was $514,000 statewide in 2024, 9.4% higher than the prior year.
Annual price records have been set every year since 2018, according to figures from NHAR. The annual price has risen for 13 straight years, but the first six of those years were not records.
pfeely@unionleader.com
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