Why housing prices have soared in New Hampshire
Housing Action New Hampshire reported that the state needs nearly 90,000 new, affordable homes by 2040 to accommodate the rising population. Adam Gaudet, the former president of the New Hampshire Association of Realtors and the owner of 603 Birch Realty, agreed. He told Daily Mail: 'What feels like a great deal to someone moving to New Hampshire, feels unaffordable to many New Hampshire natives.'
Gaudet said one of his clients was a single father in his 40s, forced to live with his parents for three years while he saved for a home for his family. Gaudet said the COVID-19 pandemic played a big role in the recent switch of the real estate market. 'The lifestyle and work changes that we saw as a result of [the pandemic] made New Hampshire more appealing than ever to out-of-state buyers who were more open to the idea of living more rural, while paying no income or sales tax.'
In 2019, prior to the pandemic, the median price for a home was only $300,000. Gaudet explained that there has been a decrease in the number of homes on the market in the state as the demand has continued to rise. As a result, prices continued to increase and have remained at 'record levels'. For reference, experts believe that the last year for a 'balanced market' in New Hampshire was June 2016 when there were over 7,000 homes for sale. This year there are less than 2,500 in the same month.
According to Gaudet, that's especially affecting first-time buyers. He said: 'If you have a home to sell, you can afford to move into that next level home – but the first-time buyers who don't have a home to make profit from are the ones hurt the most.' The construction of new homes has slowed in recent years as well, adding to the strain on the housing market. Many homeowners don't want to sell while interest rates remain high.
'Buyers today are not rushing to make over-asking offers like we previously saw,' said Gaudet. 'They're more patient and no longer waiving inspections or appraisals.' He said his average listing is about three bedrooms and sits comfortably at the median or just below. Properties closer to nearby cities like Boston or mountains and beaches tend to sell for more.
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