Hot New Hampshire housing market shows no signs of cooling off

Temperatures are cooling and the coronavirus is spreading, but New Hampshire’s housing market continues to be hot.

The market in November looked much like October, with yet another increase in the median sale price and sales volume up yet again as inventory continues to shrink

Single-family homes sold a median price of $351,000 in November – only a $1,000 increase from October but close to 16% over the median price last November. Sales were up nearly 19%, resulting in a 44% increase in volume from last November.

While new listings were up again, by nearly 20%, the number of homes for sale stood at 1,717, 60% lower than last November.

According to the statistics, a home placed on the market on Nov. 1 was likely to be sold by Dec. December 6, just under two-thirds of the time it took to sell it last year. And it is likely to sell slightly more than the asking price.

Or to put it another way, there was just over a month’s supply of inventory. Last November, there were nearly three.

Needless to say, this is great for sellers and horrible for buyers.  Bidding wars are common, and the affordability index declined by 5.4 percent.

Condos were no bargain either. The median price of $255,500 rose 15% and inventory was down 44% from last November.

The median sale price went up by double digits in every county in the state, with the sole exception of Merrimack, where it rose by 7.6%. The price in Coos County, the lowest-priced county, jumped the most, climbing 51.3%, to $136,000, and sales were up by 81%.
In the highest-priced county, Rockingham, the median price “only” went up 15.3%, to $444,750. The county where you home will be sold fastest? is Hillsborough. Homes there lasted 27 days on the market and they went for a median price of $375,000, an 18.5% increase.