Trends in New Hampshire real estate in 2024

If you’re curious about what’s going on with housing in New Hampshire lately, you’re not alone. Everyone from first-time homebuyers to seasoned investors is keeping an eye on the trends in New Hampshire real estate as we roll into 2024. Whether it’s finding the perfect spot to settle down or snagging a smart investment, understanding these trends can make all the difference. And if you’re thinking of making a move, knowing a bit about moving companies in southern NH can help you get where you’re going without a hitch. Let’s dive into what makes New Hampshire’s real estate scene tick right now.

Understanding New Hampshire’s real estate market in 2024

As we dive into 2024, the real estate market in New Hampshire is showing signs of vibrant activity with several important trends shaping up. Home prices across the state have seen a notable increase. The median sale price has jumped by about 8.8% from the previous year. This growth is mirrored by the number of homes sold, which also rose by nearly 8.9%, indicating a robust demand in the market​.

For anyone looking to buy, sell, or invest in property here, it’s clear that staying informed about local market conditions is more than just beneficial—it’s necessary for making sound decisions. The market is characterized by rising home prices due to tight inventory levels. For instance, in some top metros in New Hampshire, median home prices reached around $440,000 at the start of the year and are expected to climb further as the demand continues to outstrip supply​. Moreover, New Hampshire’s real estate landscape is seeing a significant influence from economic factors like interest rates and inflation. While high interest rates in the past might have deterred buyers, recent adjustments have sparked a fresh wave of mortgage demand, which is likely to sustain buyer interest moving forward.

Check out these cool spots in New Hampshire!

Here’s a quick rundown of some towns and cities that each have their own flavor. Whether you’re looking for a vibrant city vibe or a quiet suburban retreat, New Hampshire’s got something for everyone.

• Manchester
• Nashua
• Derry
• Amherst
• Windham
• Bedford
• Hudson

Manchester’s real estate scene: What’s hot in 2024?

Manchester, NH, is showing some interesting dynamics in the real estate market as we move into 2024. The city, known for its diverse neighborhoods and vibrant community life, is experiencing a noticeable uptick in home values. Over the past year, the average home value in Manchester has risen to approximately $418,000. This reflects a solid growth trend that’s catching the eyes of both buyers and investors.

This growth in home prices is part of a broader trend where Manchester homes are generally selling for slightly above the asking price, indicating a competitive market environment. Specifically, homes have been selling at about 1.15% over the list price on average. The demand in Manchester is robust, with properties typically staying on the market for about 31 days before being snapped up, which is a slight decrease from previous months but still shows a lively market pace. For those looking to move to or within Manchester, it’s a great time to connect with local expertise. Engaging with knowledgeable movers in Manchester, NH, can streamline the process, whether you’re buying your first home or looking to invest in this bustling market.

What’s happening in Nashua’s real estate market in 2024?

Nashua, NH, is experiencing a dynamic real estate market as we move into 2024. Home prices are on the rise, with the median sale price now around $485,000, marking a 3.8% increase from the previous year. Homes are selling quickly, often within about 31 days on the market, and frequently for more than the asking price, indicating a competitive market environment. This trend reflects a robust demand and limited supply scenario that’s characteristic of Nashua’s current housing landscape. If you’re planning to move here, connecting with experienced movers in Nashua NH could smooth your transition into this bustling market​.

Derry’s real estate market heats up in 2024 according to the recent trends in New Hampshire real estate

Derry, NH, has been bustling with real estate activity, reflecting a highly competitive market. As of mid-2024, home prices in Derry have surged, with the median price hitting around $510,000, a significant 25.1% increase from the previous year. Homes are selling fast, typically staying on the market for just about 8 days. This swift turnover underscores a vibrant market that’s drawing considerable interest from buyers and sellers alike. For those looking to make a move to this active market, linking up with skilled movers in Derry NH can make the transition smoother and more efficient.

Amherst’s real estate market is booming in 2024

The real estate scene in Amherst, NH, is bustling, with home values seeing a healthy rise. As of mid-2024, the median home price reached around $713,000, marking a 6.7% increase from the previous year. Homes in Amherst are selling relatively quickly, often closing in just under a month, and typically, they’re fetching prices slightly above the asking. This active market scenario offers great opportunities for both buyers and sellers. For those considering moving to or within Amherst, connecting with movers in Amherst NH could streamline your moving process, ensuring a smoother transition into this thriving community.

Bedford, NH: A growing hotspot for families and professionals

Bedford, NH, has become a prime location for families and young professionals. They are seeking a blend of suburban comfort and access to urban amenities. With an increase in development projects, real estate values in Bedford have risen, reflecting a robust market. The median home price in the area reached around $800,000 in mid-2024. Properties are selling quickly, often within a month of listing. This growth is attracting new residents drawn to the community-oriented lifestyle and high-quality local schools. If you’re planning a move, considering movers in Bedford NH can make your transition smoother.

Hudson’s commercial real estate: A burgeoning opportunity

Hudson, New Hampshire, is currently experiencing a noticeable shift in its commercial real estate market, marked by a series of ambitious development projects. These ventures are not only enhancing the commercial landscape. There are also set to have a lasting positive impact on the local residential real estate market.

In recent trends, there has been a significant increase in the rental and sale of commercial properties in Hudson. This surge is reflected in the variety of spaces available, from retail locations attracting foot traffic to office spaces that support both emerging and established businesses. As a result, Hudson is gradually becoming a coveted destination for businesses looking for advantageous property deals, fostering a robust environment for both new investments and the growth of current enterprises.

Several major commercial projects have recently been completed or are underway, significantly influencing Hudson’s economic and physical landscape. These developments range from expansive office parks to mixed-use developments that integrate retail, office, and residential spaces, contributing to a dynamic community hub. Such projects are pivotal in drawing more businesses to the area. This in turn supports local markets and enhances property values.

The ripple effects of these developments extend into the residential real estate sector. As businesses thrive and the population grows, the demand for housing increases, subsequently boosting property values and encouraging more residential developments. This cycle promises long-term benefits for Hudson’s economy, making it an appealing area for both commercial and residential investors. For those considering a move or establishing a business in Hudson, partnering with reputable local movers Hudson NH can simplify the transition, ensuring that both personal and commercial belongings are handled with care.

New Hampshire’s real estate market races ahead with robust sales

In terms of sales volume, the market has seen an upsurge with 1,509 homes sold in May of 2024. This marks a 9.8% increase from the previous period​. This robust sales activity underscores the ongoing demand in the state’s real estate market. Sales typically peak during the spring and summer months. However, even seasonal adjustments don’t fully account for the sharp increase, highlighting the market’s inherent strength.

Further emphasizing the competitiveness of the market, the median days on market—a key indicator of market temperature—stands at 28 days as of July 2024. This figure represents the average time homes are listed before going under contract, signaling a brisk market where listings move quickly from sale to pending status​. In a healthy market, a lower median days on market often correlates with strong buyer demand and limited inventory. They are currently characteristic of New Hampshire’s real estate scenario.

This dynamic market condition is advantageous for sellers who are seeing their properties sell rapidly, often with multiple offers, which can drive up final sale prices. For buyers, the fast-moving market means that decisive action and preparedness are essential. The competitive nature of the market does not show signs of waning, with ongoing robust activity suggesting continued strong performance in the foreseeable future.

New Hampshire’s housing crunch and construction response heat up the market

New Hampshire’s real estate market is feeling the pinch with notably low inventory levels, which has been a continuous trend pushing home prices upwards. As of July 2024, the active listing count in the state stands at 2,520 properties, a significant rise from the 1,394 listings noted at the beginning of March 2024​. This persistent shortage is a primary driver for the competitive market conditions and escalating prices across the state.

Responding to the inventory shortfall, there has been a noticeable increase in new residential construction. The count of new listings each month has shown a steady upward trajectory—from 898 in January to 1,940 by May 2024. This indicates a robust effort to mitigate the housing supply issues through new developments.

This scenario presents a dual-edged sword. Meanwhile, it supports a seller’s market where homes are selling quickly at rising prices. In addition, it also places pressure on affordability and availability for buyers. The state’s real estate landscape is witnessing dynamic changes with the introduction of new properties, yet it struggles to fully meet the burgeoning demand.

New Hampshire’s housing struggles: ADU debates and economic woes

New Hampshire is facing a serious housing shortage, with rising prices and limited availability making it tough for people to find affordable homes. The state needs nearly 90,000 new housing units in the coming years to meet demand. One idea being pushed forward is expanding accessory dwelling units (ADUs). Lawmakers have proposed bills that would allow homeowners to build two ADUs on their property instead of just one. These units could be detached and larger than before, giving families more options for affordable living spaces. While this sounds like a good plan, not everyone is on board. The most recent effort to pass this legislation, House Bill 1291, was shot down in the Senate after passing the House. This shows that not all lawmakers agree on how to fix the housing crisis​.

The housing shortage isn’t just about laws. Economic factors play a big role too. Mortgage rates in New Hampshire have stayed above 6%, making it harder for people to buy homes. Inflation has driven up the cost of living, with everything from building materials to groceries getting more expensive. For many people, wages just aren’t keeping up with these rising costs. As a result, fewer people can afford to buy homes, which puts even more pressure on the tight rental market​. The combination of stalled legislative efforts and tough economic conditions keeps New Hampshire’s housing market in a tight spot. Apparently, there is no easy solution in sight.

Finding hope in the changing trends in New Hampshire real estate

While the housing shortage in New Hampshire is no joke, there are some glimmers of hope. As new bills are debated and people start warming up to ideas like ADUs, the future may hold more opportunities for affordable living. It’s clear that trends in New Hampshire real estate show a tough market right now. However, it’s not all doom and gloom. As more solutions come into play and economic pressures (hopefully) ease, we could see a shift toward more affordable housing options. If you stay informed and keep an eye on what’s happening, there’s reason to believe things can get better for buyers and renters alike.