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January 10, 2023
2023: fewest sales in 12 years
New Hampshire residential home prices have never been higher than they were in 2023, and there were fewer statewide home sales than any year since 2011.
The median sales price of single family residential housing was $470,000 for the year, a 7 percent increase from 2022 and a 57 percent increase since 2019.
Those increasing prices left affordability at its lowest level in at least 20 years, and with inventory remaining below 2 months supply, the state saw just 11,620 residential home sales in 2023 — a 19 percent drop from 2022 and the fewest since 10,722 were sold in 2011.
“It’s the historically low inventory that continues to push pricing to record levels,” NHAR President Joanie McIntire said. “This is just another month of data that points to a lack of housing units as the culprit, and we hope that policymakers are taking note.”
There were just 1,382 single family residential units for sale at the end of December, an 11 percent drop from a year prior. The $460,750 single-month median sale price was the highest for any December in New Hampshire history.
As a result, the December NHAR Affordability Index was 66, meaning the state’s median household income is just 66 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. That’s a 10 percent drop from a year prior, and a 47 percent decline from December 2020, when the Index was 124.
For context, the Affordability Index for residential housing in the state has been as high as 220, that coming in February 2012.
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.