The new normal: A half-million-dollar median-priced NH home

That half-million-dollar benchmark has stayed in place every month since, according to data from the New Hampshire Association of Realtors.

1 hour ago

Paul Briand,

The median price of a single-family house in New Hampshire reached $500,000 for the first time in March 2024.

That half-million-dollar benchmark has stayed in place every month since, according to data from the New Hampshire Association of Realtors.

And indications are it’s the new normal, with no expectation that median prices will dip below $500,000 anytime soon.

“We do not foresee the median sales price in New Hampshire dipping below $500,000 in the foreseeable future,” said NHAR President Joshua Greenwald. “Prices are still increasing, but at a decreasing pace, and we are headed into the traditionally more robust markets of spring and summer.”

The median price of a single-family home came in at $525,000 in February, according to NHAR’s latest data.

That’s less than the $540,000 recorded in January, but $12,500 more than February 2025, $50,000 more than February 2024, and $100,000 more than February 2023.

February is the 23rd month in a string of months that the house median price has been at a half million dollars or more, reaching an historic high — yet to be equaled or exceeded — of $569,000 in June 2025.

“I see no indicators suggesting a significant change in that in the foreseeable future,” said Greenwald, owner/broker of the Greenwald Realty Group in Keene. “Only a substantial increase in supply or a nationwide negative economic or societal event will reverse this.”

A median price, of course, means there are homes that will be less expensive and homes that will be more expensive, depending on which county and, indeed, which community prospective homebuyers are looking.

For instance, NHAR’s February data shows the most expensive homes are in Rockingham County, where, largely because of the Seacoast influence, the median-priced home is $620,000. Contrast that with Coos County, which has the least expensive median among the 10 counties at $210,000.

The Seacoast’s February single-family median price of $710,000 was $300,000 less than what it was in January and the lowest since September 2024. The data comes from the Seacoast Board of Realtors, which derives its monthly reports from the sample towns of Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.

The all-critical supply pool remains shallow.

The months supply — the measure of the pool’s depth — was at 1.3 months in February, whereas a healthy market has a supply of five to six months.

“Inventory simply is not improving in any meaningful way,” said Greenwald.

The pace of sales was also sluggish in February, not atypical for winter in New Hampshire.

“February saw the fewest New Hampshire single-family residential closings (538) in a single month since 2010,” said Greenwald. “By comparison, February 2023 had 564 closings, and 2010 had 537. However, it’s hard to discern a trend from a single month, particular when New Hampshire weather was particularly volatile in February. Additionally, pending sales are up, which suggests we may see an uptick in closings over the next couple of months.”

As the supply squeeze continues to raise prices for both single-family homes and residential townhouses/condominiums, Greenwald said other alternatives are getting buyers’ attention.

“The fastest-growing segment in terms of price appreciation is manufactured housing, with prices up more than 5% compared to last winter. A new manufactured home can easily cost over $300,000 – not inexpensive but a more affordable option,” he said. “As single-family homes become increasingly expensive, more buyers are turning to less costly alternatives, which in turn is driving prices higher in those segments. I believe we’re seeing a similar dynamic with accessory dwelling units.”

As the New Hampshire Legislature and Gov. Kelly Ayotte grapple this year with a variety of issues, the state’s voters rate housing as their No. 1 concern, according to a recent poll by the University of New Hampshire Survey Center.

“When asked to name the most important issue facing New Hampshire, 22% cite housing, 16% mention taxes, 9% cite education, 7% mention the political right-wing politicians, 6% cite jobs or the economy. Five percent mention immigration or the political left or left-wing politicians,” the survey center said in its Feb. 24 release.

Housing has scored consistently as the top issue in the state in UNH polling. The survey center noted that the percentage saying housing is the most important problem facing the state (22%) has fallen to its lowest since February 2023, while the percentage who mention taxes (16%) is at an all-time high.

With higher-priced homes, of course, comes higher taxes since property taxes are calculated on the value.

A new WalletHub report on 2026 Property Taxes by State shows New Hampshire as having the fourth highest tax burden in the country behind New Jersey, Illinois and Connecticut.

For all the railing that Gov. Ayotte does about Massachusetts (“Don’t Mass up New Hampshire,” she says on occasion), the Bay State is ranked 18th in the WalletHub survey. Vermont is ranked 5th, Rhode Island is ranked 16th, and Maine is ranked 21st.

Property taxes are part of the affordability calculus that the real estate market uses to measure how expensive or inexpensive it is to live in a particular area. An affordability index of 100 means a household has the right amount of money to afford a home and its associated expenses.

New Hampshire’s affordability index for February was 68 for a single-family and 67 for a condominium, according to the NHAR’s latest data.

“While we are making incremental progress on housing affordability, the improvements are likely so modest that many buyers may not feel them yet. Data released last month by the New Hampshire Department of Business and Economic Affairs showed that single-family housing permits have been declining since 2020,” said Greenwald. “When you’re building less housing, it should come as no surprise that prices are continuing to rise at their current pace. As long as housing price increases continue to outstrip wage growth, affordability is going to be an issue.”

Here are the single-family median prices by county for February: