NH real estate agent gives advice to first-time buyers amid the housing market shortage

(AP Photo/Charles Krupa, File)

By Katy Savage

August 22, 2024

There’s still a major housing shortage in New Hampshire. There were 2,228 single family homes on the market in July—an increase of about 29% from last year, but it’s a big change from this time in 2015, when there were around 11,000 homes on the market. Prices have doubled or tripled since 2015, and they’re likely to stay high in the Granite State.

“Inventory is so short, it’s hard to imagine a path to decrease in home prices,” said Joanie McIntire, president of the New Hampshire Realtors Association.

The median price of a single family home sold in the state was $530,000, according to a July report from the The New Hampshire Association of REALTORS, which is up about 10% from last year. About one in five homes on the market at the end of the month were listed for over $1 million.

If you’re looking for an affordable home, avoid Rockingham, Strafford, and Hillsborough counties. Homes there are averaging $500,000 or more, according to June data.

McIntire’s advice for first-time buyers?

Find a good realtor who can find homes before they show up on Zillow.
“It’s really important for buyers to find a realtor they like and trust and have a good relationship with,” McIntire said. “That person can make sure they have listings the minute they come on the market.
Don’t be too picky. You may not be able to find a home that meets all your desires. Keep an open mind.
Get a lender. “Make sure you get with a lender and get yourself prepared so they know what you can afford, so you’re not wasting time,” McIntire said. “A seller likes to see those buyers have their ducks in a row.”

Here are the state’s most affordable counties in June 2024, by median home price:

Cheshire: $362,501, up 3.6% since June 2023
Coos: $303,000, up 48% since June 2023
Sullivan: $406,850, up nearly 19% since June 2023
Grafton: $407,000, down 4.% since June 2023
Carrol: $461,450, down 7.1% since June 2023
Belknap: $476,000, down 6.2 % since June 2023

Author

Katy Savage

Katy Savage is the Granite Post's newsletter editor. Katy is an award-winning reporter with more than 10 years of experience working in daily, weekly, and digital news organizations as both an editor and reporter. Katy is a New England native and has a passion for telling stories about where she grew up.

Have a story tip? Reach Katy at [email protected]. For local reporting in New Hampshire that connects the dots, from policy to people, sign up for Katy's newsletter.

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