NEW HAMPSHIRE
Home Sales Down, Average Prices Up
Home sales are down 11.2% year over year, with December 2023 at 1,255 compared to 1,413 last December. Sales are down across all categories.
- Single families: 1,029 (2022) | 896 (2023)
- Condominiums: 311 (2022) | 288 (2023)
- Multi-families: 73 (2022) | 71 (2023)
Average sales price increased by 3.2% when compared to last December, now at $516,075. Prices increased across all categories.
- Single families: $527,757 (2022) | $539,922 (2023)
- Condominiums: $417,970 (2022) | $452,000 (2023)
- Multi-families: $462,542 (2022) | $475,035 (2023)
Homes Listed For Sale:
The number of homes listed is up by 1.5% when compared to December 2022.
- 2023: 799
- 2022: 787
- 2021: 996
Pending Home Sales:
The number of homes placed under contract is up by 10.9% when compared to December 2022.
- 2023: 1,031
- 2022: 930
- 2021: 1,259
Data provided by PrimeMLS then compared to the prior year.
What’s Happening in the Market?
In December 2023, home sales in New Hampshire were down 11.2% while average sale price was up by 3.2%. The number of homes listed increased by 1.5%, and the number of homes that went pending increased by 10.9% as well when compared to this time last year. Per Mortgage News Daily, mortgage rates dropped into the mid-6s by the end of the month.
What does this mean for Buyers?
- During this time of year, we typically see buyer activity slow given the holidays and weather. The same was true this year even despite mortgage rates dropping into the mid-6s during December which was a marked improvement from October’s 8% peak.
- If you are a serious buyer who is ready to buy this winter, make sure you take the necessary steps to prepare before starting the search to make sure you are set up for success!
What does this mean for Sellers?
- Many sellers think they need to wait until spring or summer to list their home, but listing in the winter has many benefits and ultimately could get you more for your home! There are serious buyers in the market NOW, so make sure you are pricing your home competitively to generate the most demand for your home if you plan on listing this winter.
- We are also still seeing sellers hesitate to list their homes because they do not want to give up their low pandemic-era mortgage rate. Additionally, many sellers are also buyers, so given current inventory levels, many are concerned that they will not be able to find a home to move into after their home sells.
- However, the slight increase in homes listed for New Hampshire in December could indicate that those who have been delaying listing their homes are getting off the sidelines.
What’s next?
2023 proved to be another notable year in real estate history – read a complete recap of the year in our New Hampshire 2023 Year in Review Housing Report. We expect this market adjustment to continue in 2024, as Anthony states in his predictions, “the worst is behind us, but we are not out of the woods.”