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October 15, 2024
The half-million norm
The NH September housing market report
The median price of a single family home remained over a half-million dollars for the seventh consecutive month in September, at $520,000 – a 6.5 percent increase from September 2023 and the highest New Hampshire price ever seen in the month.
NEW HAMPSHIRE MONTHLY INDICATORS
As a result, the NHAR Affordability Index remained historically low in September, at 61. It means the median household income is just 61 percent of what is necessary to qualify for the median-priced home under prevailing interest rates.
It’s the lowest Index for the month in NHAR’s recording history of at least 20 years. It was only as far back as 2021 that the Index was over 100, and it reached more than 200 at times during 2012 and 2013.
The number of single family homes on the market in the state has continued to inch up since the beginning of the year, and the 2,430 for sale at the end of September marked a 22 percent increase from a year prior. But that’s still roughly 9,000 fewer than were on the market exactly 10 years earlier.
It also accounts for just 2.4 months’ supply – meaning the time it would take to sell off the current housing stock at the most recent pace of sales – less than half of the 5-7 months that is considered a balanced market. It’s been since October 2016 that New Hampshire had as much as 5 months’ supply.
For NHAR’s full slate of market data, including our Monthly Indicators report and detailed county- and town-level reports, visit our FastStats landing page. To create your own customizable and brandable market reports, visit NHAR’s members-only InfoSparks page.
Questions? Please email Vice President of Communications and Member Engagement Dave Cummings (dave@nhar.com), or call 603-554-7855.
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