Just how expensive are homes in New Hampshire? Roughly the same number of single family residential housing units were sold for over $800,000 as they were for under $320,000 in June, yet another statistical indication that the housing crisis is still afoot in the state.
Single family residential homes sold for a median price of $495,000 in June, the most expensive single month in the state's history. As a result, the affordability index dropped to 61, the lowest in the 20 years NHAR has been recording. That means the state's median household income is just 61 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. It's the lowest in NHAR's recorded history and a 40 percent decline in two years.
The continued lack of inventory remains a primary driver of the affordability crisis. There were 1,644 single family residential homes on the market in New Hampshire at the end of June, a 23 percent drop from a year prior. That's 1.5 months' supply of inventory, where a balanced market is typically considered 5-7 months.
By comparison, in June 2013, there were roughly 12,000 single family residential homes on the market in New Hampshire, more than 10 months' supply.
Meanwhile, the 1,379 homes sold in June marked a 16 percent drop from June of 2022. In the first six months combined, sales decreased 20 percent in 2023 compared to the same period last year. Additionally, pending sales, the number of properties on which offers have been accepted but not yet closed, is down 10 percent.
For NHAR's full slate of market data, including our Monthly Indicators report and detailed county- and town-level reports, visit our FastStats landing page. To create your own customizable and brandable market reports, visit NHAR's members-only InfoSparks page.
Questions? Please email Vice President of Communications and Member Engagement Dave Cummings (dave@nhar.com), or call 603-554-7855.