The New Hampshire real estate market has been bustling in November 2024, with a mix of growth and challenges that paint an exciting picture for what’s ahead. Let’s dive into the numbers and talk about what they mean for buyers, sellers, and investors as we move into December and early 2025.
A Look Back at November
Source: NHAR
It’s no secret that the fall months often bring a seasonal slowdown in real estate. But this year, New Hampshire defied expectations. Closed sales for single-family homes rose by 2.3%, while the median sales price jumped an impressive 11.1%, hitting $500,000. Clearly, demand is still alive and well. Buyers are willing to pay a premium, especially with mortgage rates easing slightly after the summer’s highs.
Interestingly, while sales and prices climbed, new listings dropped—by 2.2% for single-family homes and a staggering 22.2% for townhouses and condos. This means inventory remains tight, keeping the market competitive. However, there was some relief: overall inventory increased by 8.1% for single-family homes and 8.6% for condos, showing that we’re slowly moving in the right direction.
What This Means for Buyers
If you’re looking to buy, the market remains challenging but not impossible. Pending sales surged by nearly 24% for single-family homes in November, signaling that buyers are still eager to act. With prices high and inventory limited, working with a knowledgeable agent will be your best bet to find the right property before it gets snapped up.
For Sellers, It’s Your Time
Sellers, this is your moment. The median price growth tells us that buyers are serious, and they’re willing to meet your asking price if the home is priced strategically. Days on market are creeping up, but that’s no reason to panic—homes are still selling, and there’s a steady stream of buyers ready to act.
Looking Ahead to December and 2025
As we head into December, the market is likely to cool slightly, but don’t expect a dramatic slowdown. The combination of slightly lower mortgage rates, steady demand, and a tight inventory will keep the market moving. For early 2025, we expect a few trends to watch:
- Gradual Inventory Recovery: Builders and sellers are likely to bring more homes to market, but it won’t be enough to fully meet demand. Expect competition to remain a key theme.
- Continued Price Growth: With demand strong, prices will likely keep climbing, though at a slower pace than the double-digit gains we’ve seen this year.
- Shift in Condo Demand: With townhouse and condo listings down sharply, we may see buyers shift their focus back to single-family homes or compromise on location and size.
- Economic Uncertainty: Any changes in mortgage rates or broader economic conditions could tip the scales. Buyers should stay prepared for potential rate adjustments, while sellers should act sooner rather than later.
Final Thoughts
The New Hampshire market is as dynamic as ever, offering opportunities for those ready to act. Whether you’re buying, selling, or investing, having a strategy is key. With inventory still tight and prices on the rise, there’s no better time to align with a professional who knows the local market inside and out.
If you’ve been thinking about your next move, don’t wait—2025 will bring new opportunities, but the early bird always gets the worm. Let’s make a plan together to turn your real estate goals into reality.
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