The number of homes for sale in New Hampshire has reached its highest level since the COVID-19 pandemic. But the increase in available homes has yet to have an impact on housing costs, as the state continues to set records for median sales price.
A new report from the New Hampshire Association of Realtors (NHAR) shows available homes reached 2,992 in July, a 16% increase from July last year.
Jennifer Vachon, the managing broker at Keller Williams Coastal and Lakes & Mountains Realty, said builders have helped increase supply with new developments. They’ve also been creative with how they build homes on land, such as constructing accessory swelling units for home owners who want to add living space to their property.
That’s allowed some older adults to downsize from their larger properties to something smaller, freeing up their former home for sale.
“Those people were hanging on to homes because there wasn't something to go to because of the lack of inventory,” Vachon said.
Vachon said new developments of communities for people 55 and older, such as Whispering Pines in North Conway, are also expanding the housing market.
“[That’s] helping some people who are looking for one-floor living, ease of life — from having 3,600 square feet down to something that's more manageable around 1,200 [square feet],” Vachon said.
The state’s current housing inventory is still far from meeting demand, and mortgage rates and home prices continue to rise. The median sales price for a single family home in New Hampshire hit an all-time record high in July at $580,000. Rockingham County has the most expensive median sale price this summer, at $710,000.
However, pending and closed home sales still increased over the past month, demonstrating a market with high demand, despite rising costs.
