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NEW HAMPSHIRE
Sales activity in the New Hampshire real estate market increased in the first quarter of 2024 (Q1 2024) compared to Q1 2023. The following observations are drawn from year-to-date PrimeMLS data encompassing all towns in New Hampshire through March 31, 2024.
Question 1: What has inventory looked like this quarter?
New Hampshire saw a jump in homes listed in Q1 2024, climbing 11.5% compared to Q1 2023. Keep in mind, however, these numbers still remain significantly lower than the demands of buyers in the market looking to buy a home.
Question 2: What has been a trend with home prices?
With overall inventory still low, home prices continue to rise. In 5 years, NH has seen median sales prices increase 44% from $240,000 to $430,000. We continue to see buyers from MA, who have been priced out of their local markets, extend their home search into NH. Properties that closed in Q1 2024 secured 100% of their list price on average.
Question 3: Have days on market increased or decreased relative to last year?
Lower inventory has pushed homes to sell more quickly, and that trend remained true in Q1 2024. The median days on market continued to remain low, dropping from 12 to 11 days year-over-year.
Question 4: What can buyers/sellers expect for the upcoming quarter?
The market in New Hampshire is busy, but due to high interest rates and increased prices, many sellers are reluctant to list their homes, fueling the inventory crisis. Many sellers are interested to know the value of their home, but remain on the sidelines as the question of “where will they go” remains relevant.
MAINE
What has the market looked like for Maine?
In Southern Maine, there were 220 single-family sales in Q1 2024, which represented a 9.5% year-over-year increase. Median sales price was $781,434, a 4% jump from 2023, and average days on market was up 19.5% to 26 days.
