April 11 2022
Median price skyrockets … again
The March 2022 NH housing market report
The New Hampshire residential housing market hit a new price record in March, as the median price of single family residential homes jumped to $440,000 – 21 percent higher than a year ago and a remarkable $30,000 above what had previously been the New Hampshire high water mark, set last August.
Not surprisingly, the Affordability Index – which weighs the median household income vs. the median cost of a home – plummeted 29 percent from just a month ago to its lowest point in NHAR’s recorded history. The median income in New Hampshire is now only 80 percent of what is needed to qualify for the median-priced home under prevailing interest rates. By contrast, that number has been over 200 percent as recently as February 2018.
And inventory has done nothing to alleviate the affordability crisis. At the end of March, there were 1,134 single family residential homes on the market in New Hampshire, a 19 percent decrease from a year ago.
Meanwhile, the number of single family residential homes sold in New Hampshire dropped as well, dipping by 23 percent from March 2021.
For our detailed March 2022 market report, click here or download the attached NH Monthly Indicators report. For statewide and county level data from 1998 to 2021, click here.
Questions? Please email Communications Director Dave Cummings (dave@nhar.com), or call 603-554-7855. |
