New Hampshire Set a Median Home Price Record of $440,000, but That’s Not All
Oof! That's what a coworker said after I told her that New Hampshire just made state history in the median price for a new home. The record high is now $440,000 to buy a home, according to the New Hampshire Association of Realtors snapshot listed in the New Hampshire Bulletin.
The New Hampshire Association of Realtors says this record high set in March, 2022 is up almost 21% from last March.
Even more incredible with this latest statistic is that the median home price was $400,000 in February according to the association.
Wow, talk about a nice profit so quickly for new homeowners this year. And get this: according to the Association, New Hampshire didn't even break the $300,000 median home price until 2019. And in 2002, the median home sales price was $200,000. WOW.
Here's a bit of positive news on this front if you're in the market for your new home. Technically, a "home" is not a townhouse or condo, even though I'm sure you consider wherever you live your "home". So townhomes and condominiums, while still climbing 31% from last March, are a bit less expensive with a median sale price of $350,500 as of March, 2022.
Here's one more crazy statistic for you from this latest report. According to the Association, it would take less than a month to sell all of New Hampshire's inventory if no new homes came on the market.
In a healthy market, this time frame is six months, so with skyrocketing home prices, the number of closed sales has dropped 23% since March, 2021.
Yup, this explains why the rental market is so hot with rising rates according to the New Hampshire Association of Realtors.