Home sales continue torrid pace in NH
September transactions rise 15.7% as median price jumps 14.9%
Covid-19 has not infected the New Hampshire housing market.
Buyers are snapping up homes faster than they’re being put on the market, with the lack of inventory continuing to drive up prices by double-digit percentages.
In September, just when things usually begin to slow, the number of sales rose 15.7% compared to last year, with 1,901 sales reported, The median price is up 14.9%, to $350,500, and sales volume is up 40.3% to nearly $805 million.
And expect the housing market to continue to heat up as the temperature falls. New listings increased 8.1% and pending sales were up by a whopping 39.1%.
But those new listings aren’t enough to meet demand as inventory continues to shrink. There are nearly 60% fewer homes on the market than a year ago. Or, to look at it another way, if no homes were to come on the market, the entire remaining inventory would be sold out in less than a month and a half. Homes, on average, are purchased in 46 days and get 100.3% of asking prices.
When it comes to condos, the situation is similar, just not quite as strong. Sales are up nearly 11% and the median price is up 12% to just shy of $250,000.
The double-digit sales growth in September was just a continuation of what was seen in the entire third quarter. Home prices went up 13.3% in July and 14.8% in August before September toped that by a point. Before that, the highest percentage growth all year was 11.2%, oddly enough, right after the pandemic hit.
For the rest of the year, aside from January, there was healthy single-digit growth.
Rockingham County recorded the highest median home price –$471,000, a 19.2% increase. The biggest monthly jump in median price was found in Carroll County, where it was $330,000, a 30.4% increase, matching Merrimack County’s median home price, which was a 22.3% increase.