In New Hampshire, available homes for sale rose on a year-over-year basis in Q4 2023 — a first for 2023. The fourth quarter also showed a 5.78% surge in properties listed. Homes sold at a brisker pace then in Q4 2022, with properties closing at around 99% of their listed price in both of these periods. The number of closed properties was down by 9.4% in Q4 2023. However, the median sales price continued to ascend, reaching $430,000 — a year-over-year increase of $30,000.
Across all counties in the state, there was a yea rover-year dip in units sold. Overall closed volume was down year-over-year as well, except for Grafton County. Residential properties in every county, though, experienced an upswing in average and median sales prices. The number of homes sold in 2023 decreased 20% from 2022. And despite a slight uptick in the fourth quarter, New Hampshire as a whole experienced a 15% year over-year drop in listed homes for sale.
2023 overall saw a decline in the number of offers per property along with a resurgence in home sale and inspection contingencies. Furthermore, at the onset of Q4 2023, affordability had sunk to its lowest level in over 20 years — a challenge whose causes extend beyond inventory and market factors.
Last year, the ongoing shortage of inventory kept pushing up home sale prices. Buyers responded by becoming more discerning in their property searches and investing more time into their decision-making processes. If inventory expands while interest rates gradually drop, buyers might not have the same luxury in 2024. It will be crucial for buyers to rely on their agents for market insights to understand specific pricing trends, which can vary significantly across markets.
Heading into 2023, many forecasts incorrectly anticipated a decline in home sale prices. In 2024, assuming that interest rates are lowered, buyer demand is likely to stay robust. Sellers who work with an agent with national reach and build strong marketing plans will better position their homes to sell swiftly and at the best possible price.
