Report: Portsmouth activity fuels strong area housing market
‘Uninterrupted growth’ sparking surrounding markets
A new report on market trends is the latest to portray a strong housing market in the Portsmouth area and other cities in New England.
According to RE/MAX Integra’s 2016 Fall Market Trends Report, “Uninterrupted growth in cities such as Boston, Providence, Portland and Portsmouth has caused a suburban swell into markets surrounding these hubs over the last year.”
In the Portsmouth area, for example, there has been “a strong year of market growth, both in the city center and in the surrounding markets of Greenland, Newmarket and Rye.”
In particular, the report says, in Rye there has been a 22 percent increase in median price and an 11 percent decrease in average number of days on the market year over year.
“A combination of low interest rates and the demand to live near the city has resulted in heightened growth throughout major New England hubs which, in turn, has positively impacted the surrounding areas,” said Dan Breault, executive vice president and regional director at RE/MAX Integra. “As the cost of living in the city center continues to rise, surrounding areas conveniently located nearby have become increasingly attractive to first time homebuyers, Millennials and empty-nesters.”
In particular, the report cites several factors that have contributed to the market’s growth: “Portsmouth draws buyers who are looking to settle down outside of Boston, but maintain easy commuting access and the option to work remotely. The value of the dollar in Portsmouth is much higher than it is in the Boston market, providing a more affordable housing option. Portsmouth also offers an increasing number of quality job opportunities for working professionals.”
In addition, according to the report, “the luxury market in Portsmouth remains strong, with a particular interest in high-end homes along the waterfront.”
For a copy of the report, visit remaxnereports.com.