September 2024 New Hampshire Market Update
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Corina Cisneros
Licensed Real Estate Associate Broker/Owner (9 years experience)SpecialtiesBuyer's agent and Listing agent, Waterfront, Luxury, Single Family, New Con...
Licensed Real Estate Associate Broker/Owner (9 years experience)SpecialtiesBuyer's agent and Listing agent, Waterfront, Luxury, Single Family, New Con...
September 2024 Housing Market Update: Sales Drop, Prices Reach Record Highs, and Inventory Grows
National Home Sales Slip: U.S. home sales dropped 2.5% from last month and 4.2% compared to last year, per the National Association of REALTORS® (NAR) 📉. Like a planned event with fewer attendees, sales are experiencing a slowdown.
Record-High Home Prices: Nationwide, median home prices hit a new high at $416,700, up 3.1% from last year. It’s like the price tag on a rare item rising as demand keeps increasing 📈.
Inventory & Listings on the Rise: New listings grew 7.6% for single-family homes and 4.5% for condos, while overall inventory rose 21.6% for single-family and 25.0% for condos 🏘️. There’s more selection for buyers, almost like a newly stocked bookstore.
Median Price Adjustments: Single-family homes saw median prices climb 6.5% to $520,000, while condo prices dipped slightly by 0.4% to $401,000 📊. Property values continue to show variation by type.
Longer Market Times & Growing Supply: Days on the market are up, with single-family homes taking 4.3% longer to sell and condos 36.4% longer. Inventory levels are also up, with a 20.0% increase in supply for single-family homes and 23.5% for condos ⏳.
Inventory Trends Upward: There were 1.35 million homes for sale at the start of September—a 0.7% rise from August and a substantial 22.7% increase from last year. According to NAR’s Chief Economist, the higher inventory and potential for lower mortgage rates could encourage more activity in the months ahead 🔮.
With rising options and varied pricing, the housing market is adjusting, hinting at new opportunities for buyers as we head into fall.
Locally, Belknap and Rockingham counties are seeing strong demand with rising closed sales, higher median prices, and increased sales volume. Buyers in these areas are acting quickly, as properties spend fewer days on the market compared to last year. This underscores the popularity of these counties and a competitive atmosphere for high-value homes.
In Carroll County, there’s a slight cooling trend, with a modest decrease in median sales price and an increase in pending sales. This shift suggests a demand for more affordable options, aligning with a potential buyer preference for lower price points in the area.
Hillsborough and Strafford counties highlight a steady market with faster sales cycles and consistent price growth. These regions reflect balanced demand, where homes move quickly, but price increases are more moderate, signaling stability as buyers continue to be drawn to these areas.
Have any questions about the state of the market? Don't hesitate to call Corina at 603-273-6160
NH Median Sales Price
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
NH Days on Market
Average number of days between when a property is listed and when an offer is accepted in a given month.
September Market Update for Belknap County
91
Closed Sales
$550,00
Median Sales Price
$68.7M
Sales Volume
25
Avg. Days on Market
82
Pending Sales
Belknap County experienced a substantial increase in the number of closed sales, up 44.4% compared to last year, and a notable rise in total sales volume by 94.6%. The median sales price rose by 22.2%, reaching $550,000, signaling a strong demand for higher-value properties. However, days on market decreased by 16.7%, suggesting that homes are selling faster than they were a year ago. There was also a 26.2% increase in pending sales, indicating continued buyer interest in the area.
September Market Update for Carroll County
100
Closed Sales
$474,500
Median Sales Price
$61.1M
Sales Volume
31
Avg. Days on Market
116
Pending Sales
Carroll County saw a 28.2% increase in closed sales this September, while total sales volume grew slightly by 1.0%. The median sales price decreased by 3.2% to $474,500, suggesting a slight shift towards more affordable properties. Days on market improved, with homes selling 6.1% faster than last year. Pending sales increased by 31.8%, indicating a sustained buyer interest in the area as properties continue to be absorbed quickly.
September Market Update for Hillsborough County
284
Closed Sales
$516,500
Median Sales Price
$161.6M
Sales Volume
18
Avg. Days on Market
276
Pending Sales
Hillsborough County experienced a modest increase of 1.8% in closed sales and a 3.6% rise in total sales volume. The median sales price in the county increased to $516,500, reflecting a 1.3% uptick. Homes continued to sell quickly, with an average of 18 days on the market—12.5% faster than last year. Pending sales held steady, indicating a balanced demand in this market.
September Market Update for Merrimack County
126
Closed Sales
$490,000
Median Sales Price
$81.7M
Sales Volume
19
Avg. Days on Market
160
Pending Sales
Merrimack County reported a slight decline of 3.1% in closed sales compared to last September but saw a significant increase in total sales volume, which rose by 22.3%. The median sales price grew by 7.1%, reaching $490,000. The average days on market remained stable at 19 days, reflecting continued interest from buyers. Additionally, there was a 73.9% increase in pending sales, showing strong buyer demand moving into the fall season.
September Market Update for Rockingham County
234
Closed Sales
$635,000
Median Sales Price
$168.1M
Sales Volume
19
Avg. Days on Market
280
Pending Sales
Rockingham County experienced a slight increase in closed sales, rising 1.3% from last year. The median sales price rose by 1.6% to $635,000, indicating steady demand in this higher-priced market. Total sales volume decreased by 3.1%, while days on market decreased by 17.4%, reflecting faster sales compared to last year. Pending sales saw a substantial increase of 32.7%, suggesting a strong interest in this market as buyers look to secure properties quickly.
September Market Update for Strafford County
81
Closed Sales
$489,900
Median Sales Price
$49.2M
Sales Volume
23
Avg. Days on Market
97
Pending Sales
Strafford County saw a slight increase in closed sales, up 1.3% from last year, with a 29.8% increase in total sales volume, reflecting higher-value transactions in the area. The median sales price rose by 9.1% to $489,900, continuing an upward trend. Homes took an average of 23 days on the market, a 27.8% increase from last year, suggesting a longer buying cycle. Pending sales rose by 2.1%, pointing to steady buyer interest as we head into the fall.
Have any questions about the state of the market? Don't hesitate to reach out at 603-273-6160
Want to know everything there is to know about buying and selling a house in the New Hampshire Lakes Region Area? Check out our other Blog Posts!
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