Prospective homeowners across the country are hesitant to buy, and with prices in New Hampshire averaging higher year after year, buyers in the Granite State are stuck between a rock and a hard place.
The median sale price of homes has been steadily increasing over the last three years. Even with a slight down trend in prices in the past few months, average homes cost about one hundred thousand dollars more than they did three years ago.
Today, the average home in New Hampshire sells for $440,100, considerably higher than the national average of $403,714. The state is currently in a 2 months supply, meaning it would theoretically take that long for every home on the market to sell. Anything below a 6 month supply indicates an imbalanced market, and with prices high and availability low, it is a perfect time to sell.
New Hampshire is not immune to the national increase in cost of housing and although sellers are treated to the perfect market, New Hampshire home sales are down 11.4% year over year. This is worse than the national decrease of 8.8%. While affordability is shrinking, the population of New Hampshire only grows, causing legitimate concern amongst hard working residents looking to buy a home.
To see more about the New Hampshire housing market, Redfin data can be found here.