New Hampshire Real Estate Market Update
As of August 8, 2024 , New Hampshire had 2,871 residential properties listed for sale (2,051 single-family homes, 638 condos, and 182 mobile homes).
From January 1 through July 31, 6,298 single-family properties have sold with a median sales price of $510,000. The average days on market was 27 while the median was 7.
The interactive chart below displays the number of single-family homes available for sale each month from January 2021 to July 2024. Notably, in July 2023, there were 1,724 homes on the market. By July 2024, this number had increased by over 500, reaching a total of 2,247 available properties.
Sunapee Region Real Estate Market Update
From January 1 through July 31 there have been 277 residential sales in the Sunapee Region (256 single-family homes, 18 condos and 3 mobile homes). For the 256 single-family home sales, the median list price was $449,471, while the median sold price was nearly identical at $449,950. In July there were 47 single-family home sales (see list below). The median days on market for the month was 9.
At the time of this writing, there are 128 residential properties for sale in the Sunapee Region. The median sales price is $627,00, however it's important to note that 23 of those properties are over $1,000,000 with the highest priced property listed at $9,995,000. When removing these 23 properties, the median sales price for the remaining 105 is $549,054.
Mortgage Rates Update
There has been a lot activity in the media regarding mortgage rates so we had a few conversations with lenders in New Hampshire to get a local take on the situation. After talking with Josh Bennett, Vice President and Loan Officer at Title Mortgage, here's what we are seeing.
Mortgage rates dropped to their lowest point in over a year this week, offering potential home buyers an opportunity to secure lower borrowing costs. The week ending 8/9/24 has the average 30-year fixed mortgage rate at 6.47%, and the 15-year mortgage rate at 5.63% (per FreddieMac). This is down from the average 30-year fixed rate of 6.95% at the beginning of July. On a $350,000 sales price putting 20% down would add up to around $90 a month in savings and over $32,000 on the life of the loan. For comparison, the monthly principle and interest on a loan of $280,000 at 6.95% is $1,853.45, the monthly principle and interest on a loan of $280,000 at 6.47% is $1,764.27.
What Does this Mean for Buyers and Sellers?
If you're a buyer, now is the time to get ahead of the game. Even if you plan to make your purchase later in the year, start your research now and have the necessary conversations to equip yourself with the information you'll need to act when the time is right or you find the property that really fits your needs.
If you are selling your home, now is the time to make sure you are positioned correctly in the market to attract the buyers who will be coming off the sidelines to search for homes again. Ask the following questions:
- Is my home priced correctly for the market?
- Is my home presented in the best way possible to attract buyers? (do I have professional photos, floor plans and virtual tours available?)
- Is my home being marketed in the correct locations?
At the O'Halloran Group our number one goal is to ensure our clients have confidence in the real estate decisions they are making. If you're interested in learning more about our strategy for buying or selling in this real estate market, reach out to any one of our team members.
JULY - SUNAPEE REGION HOME SALES BY TOWN
ANDOVER
314 Bradley Lake Road -$384,000
21 North Street - $360,000
57 Flaghole Road - $325,000
BRADFORD
19 West Road - $360,000
GOSHEN
746 Center Road - $905,000
140 Pheasant Run Road - $655,000
94 Badger Road - $511,000
144 Mummery E Road - $350,000
360 Center Road - $145,000
GRANTHAM
37 Granite Way - $1,613,000
45 Troon Drive - $879,000
11 Walton Heath Drive - $743,000
609 New Aldrich Road - $740,000
49 Bright Slope Way - $557,900
1107 Miller Pond Road - $500,000
524 Route 114 - $225,000
LEMPSTER
168 Long Pond Road - $245,000
NEW LONDON
194 Bunker Road- $703,000
61 Scythe Shop Road - $595,000
7 Prescott Lane - $530,000
209 Squires Lane - $420,000
267 King Hill Road - $298,000
NEWBURY
54 Lake Avenue - $1,295,000
626 Chalk Pond Road - $500,000
NEWPORT
47 Turkey Hill Road - $500,000
23 Knoll Street - $480,000
25 Spring Street - $460,000
12 Jefferson Avenue - $315,000
SUNAPEE
49 Fox Run - $2,100,000
131 Youngs Hill Road - $915,000
12 Ridge Road - $890,000
49 John Avery Lane - $824,500
123 Edgemont Road - $480,000
43 Hilltop Drive - $425,000
7 Northwest Lane - $280,000
SUTTON
230 Eaton Grange Road - $675,000
WARNER
214 Horne - $700,000
108 Couchtown Road - 440,000
200 Mason Hill Road - $400,000
198 Horne Street - $330,000
WASHINGTON
25 Ashuelot Drive - $905,000
165 Ashuelot Drive - $618,000
291 Halfmoon Pond Road - $475,000
30 Adams Drive - $375,000
1180 Halfmoon Pond Road - $325,000
WILMOT
205 Shindagan Road - $680,000
277 New Hampshire Route 4A - $472,000
There were no home sales in Croydon, Springfield and Unity for the month of July 2024.
* We define the Sunapee Region as the following 16 towns: Andover, Bradford, Croydon, Goshen, Grantham, Lempster, New London, Newbury, Newport, Springfield, Sunapee, Sutton, Unity, Warner, Washington and Wilmot.
**Data is from NEREN MLS and is subject to human error. Sometimes information outside of our control is upload to the system late which means our numbers could be off by one or two sales
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