NH Real Estate Market 101

New Hampshire Home Sale Overview of the Last Four Years (Hillsborough County)

• In 2005 the median price of a single family home was $290,000
• During the first 4 months of 2009 the median price was $240,000
• Home values have dropped between 20% and 30%
• The number of sales of single family homes from 2005 is down 50%
• The number of homes available for sale is up 32%
• Within a few short months we went from a seller’s market to a buyer’s market

Review more sold New Hampshire home data here.

Some negative factors influencing the NH home market are:

• Distressed Sales – Foreclosures, Bank owned, Short Sales, all negatively affect value because they are sold at huge discounts
• Buyers wrongly start to think that all properties can be purchased at huge discounts so they make unrealistic offers even on good properties
• Inventory is still way too high for the number of buyers
• Lenders are now more cautious which reduces the already limited number of qualified buyers

Some positive factors affecting the New Hampshire real estate market are:

• Inventory is lower than last year which is an indication that prices may be stabilizing
• Government home-buyer stimulus program seems to be helping loosen some of the credit guidelines bringing more buyers into the market
• NH home sellers have become more realistic about the value of their home which will help more of them to sell
• First time home buyers are lured back into the market by new government tax credits

Opportunities for Buyers

• $8000.00 Tax Credit from the government for first time home buyers
• $6500.00 Tax Credit for NON first time home buyers
• Historically low interest rates
• More selection than ever before
• Affordable prices for the first time in many years

Opportunities for Sellers

• Best of both worlds for home owners selling in the $150,000 to $250,000 price range. These homes are in demand by first time home buyers and values in this range have been more stable. Search our NH sold listings for more sold home data.
• All move up sellers find huge advantages on the buying end
• Homes that are priced correctly and are in excellent condition are selling!

Reality:

• No fast turnarounds
• The road back will be long but will reflect slow and steady growth; what we in the industry call a normal market.

The good news is:

• The need for housing doesn’t just stop because we’re in a recession Families continue to grow and outgrow their existing homes
• Older citizens must downsize, people retire, and people relocate.
• Millions of first time home buyers between the ages of 25 and 35 are poised to buy their first home when their confidence in the market returns
• This pent up demand is not currently being met and has been building for years - the tide is turning!

Search our listings of New Hampshire homes on the market.