Before making any real estate decision, it's essential to start with the most accurate and up-to-date data—so in this post, we’ll dive into the key real estate numbers for New Hampshire and the Sunapee Region to give you the insights you need.
New Hampshire
In 2024, New Hampshire's real estate market saw median home sold prices for single-family properties surpass $500,000 for the first time, coming in at $514,000. (It is worth noting that median sold prices in all counties except Rockingham remained below $500,000.) Despite interest rates, demand remained strong, fueling a competitive market environment in many areas throughout the state. A couple possible factors influencing demand include population growth and insufficient housing inventory. The chart below shows the increase in median sales price by New Hampshire county for 2014 compared to 2024.
What's causing the housing inventory shortage in New Hampshire?
New Hampshire Housing noted in their 2023 Statewide Housing Needs Assessment¹ that the Granite State has had a mismatch in the type of housing that is needed versus what's available for the past three decades. The Assessment highlights that nearly 60,000 additional housing units will be needed between 2020 and 2030 to accommodate population growth, with the demand rising to 90,000 units by 2040.
New Hampshire Building Permits - Residential Housing
From 1998 to 2007, 69,227 residential construction permits were issued in New Hampshire. This number dropped by more than half during the Great Recession, with only 30,208 permits issued from 2008 to 2017². While permit activity has increased since 2018, it remains insufficient to address the inventory shortfall identified in New Hampshire Housing's 2023 Statewide Housing Needs Assessment.
Understanding Homeowner Sentiment on Selling
Adding to inventory constraints is a strong hesitancy from many homeowners to sell, driven by low interest rates on current mortgages and concerns about whether they can afford another home in today’s competitive market. This reluctance further compounds the ongoing housing shortage, creating a cycle where demand continues to outpace supply, making it harder for potential buyers to enter the market.
Sunapee Region
The Sunapee Region, is an unofficially defined region in central/western New Hampshire often referred to as the Lake Sunapee Region or the Dartmouth-Lake Sunapee Region. For this report, we define the Sunapee Region as 16 towns* located across Merrimack and Sullivan counties.
In 2024, 530 single-family homes were sold in the Sunapee Region with a median sales price of $464,450—nearly $50,000 below the state median. However, this is still an increase from the 2023 regional median of $437,000**.
When using past real estate sales data to guide your buying or selling decisions, it's important to consider the significant variations between towns. To help you make informed choices, we've compiled a comprehensive report with historical sales data from 2005 to 2024 for every town in our region. These data sets include sales volume, the number of single-family homes sold, median sales prices, and average days on market. We've also organized this information by county for easier navigation:
- Sullivan County - Sunapee Region Home Sales Data By Town
- Merrimack County - Sunapee Region Home Sales Data By Town
While the Sunapee Region market remains competitive, shifts in Days on Market and Listing Price adjustments are worth noting. Relying solely on past sales data can disadvantage buyers and sellers, as it may not reflect the current market dynamics. Considering real-time metrics like Days on Market for active listings and price adjustments provides a more accurate and strategic perspective. Accurately sourcing this data can be challenging, making it beneficial to work with a well-informed local Realtor who understands your area.
The chart below illustrates trends in listing price decreases from 2014 to 2024, based on closed transactions (note: not all price changes are reflected, e.g. if a property did not sell). Before 2020, 34% to 40% of listings typically saw price reductions before going under contract. From 2020 to 2023, price decreases dropped significantly, reaching a low of 19% in both 2022 and 2023. However, in 2024, the Sunapee Region experienced an increase in homes with price reductions prior to sale.
Days on Market (DOM), is another data point we are keeping a close eye on, and buyers and sellers should too. While past sales data shows median DOM in the Sunapee Region remaining relatively low, the DOM for active listings has seen a significant increase. Realtors use this information when building a market analysis to assess which types of homes in the area are experiencing longer DOM and to analyze factors like property condition, location, and other elements that may be affecting sale timelines. This type of insight is crucial for pricing homes effectively in today’s market.
These shifts indicate a market that’s adjusting, where buyers may have more negotiating power, while sellers may need to adapt their expectations to reflect the current market value. That being said, location and property condition continue to play a major role—some homes, particularly those in desirable areas or in prime condition, can still command top dollar, while others may struggle if they need significant updates or are located in less sought-after spots.
There is a wealth of information needed to make a sound buying or selling decision, and it’s not always cut and dry—it depends on many factors. A skilled Realtor can help you navigate these complexities by focusing on what matters most to your situation. It's important to interview Realtors to find someone with the right experience and expertise for your unique needs.
At O'Halloran Group, we have a deep bench of experience, with a team of seasoned professionals who bring extensive knowledge of the Sunapee Region and surrounding areas. Our background in navigating diverse market conditions in residential real estate, multifamily properties and land, combined with our commitment to client education and personalized service, ensures that we guide each buyer and seller through their real estate journey with confidence. Whether you're new to the market or a seasoned investor, we offer the expertise and local insight to help you make informed decisions. Meet the Team.
¹.New Hampshire Housing Finance Authority. (2023). 2023 New Hampshire Statewide Housing Needs Assessment. New Hampshire Housing Finance Authority. https://www.nhhfa.org/wp-content/uploads/2023/04/2023-NH-Statewide-Housing-Needs-Assessment.pdf. Accessed January 17, 2025.
²U.S. Census Bureau. (n.d.). Building permits survey. Retrieved January 20, 2025, from https://www.census.gov/construction/bps/index.html.
* 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 sourced through PrimeMLS, January 13 - January 20, 2025. Data is subject to human error.
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