Median price hits $465,000 in NH

The data is in and our local New Hampshire real estate market continues to be driving strong prices, limited days on the market, and low inventory. New Hampshire Association of Realtors shares that we’ve not only hit an ALL TIME HIGH for the median price of single family residential homes, but we’ve also hit the lowest affordability index in the last 20 years. What does this mean for you, if you’re thinking of selling your home in the next 6-12 months?

Well, the data shows that a home priced right, is listed and under contract within just a few days. Several towns, like Litchfield, NH, only have a couple active listings available at any given time. Here is the full update from NHAR:

“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.” - NHAR