The median price of a New Hampshire home hit an all-time high and affordability reached an historic low in May, as the inventory crisis continued its grip on the state's real estate market.
Single family residential homes sold for a median price of $465,000, the highest single month in the state's history. Not surprisingly, the affordability index dropped to 66, the lowest in the 20 years NHAR has been recording.
The number means the state's median household income is just 66 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. That's the lowest in NHAR's recorded history and a 36 percent decline in two years. By comparison, the affordability index in May 2013 was 180.
There were 1,489 single family residential homes on the market in New Hampshire at the end of May, a 10 percent drop from a year prior. That's 1.4 months' supply of inventory, where a balanced market is typically considered 5-7 months.
Meanwhile, the 959 single family residential homes sold in May marked a 22 percent drop from May of 2022. In the first five months combined, sales decreased 21 percent in 2023 compared to the same period last year.
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.
Questions? Please email Vice President of Communications and Member Engagement Dave Cummings (dave@nhar.com), or call 603-554-7855.