Market stats can be are very important when selling or buying, what is your house worth ? what is the trend? going up or down?
Are the current conditions sustainable?
A few things to note here are the change from Fall 2021 to Fall 2022 , in Fall 2021 we had very low interest rates. Now rates are much higher in 6.5-7.0 range 30 year fixed. In almost all of these examples Median Sales price are all up Oct 21 to Oct 22 and 2021 vs 2022 …..however the #of listings is down, the #’s of closed homes is down and #of pending is down. Rates are at least 2.5-3% higher vs last year same time. This means a lack of supply for good homes is keeping prices up while affordability continues to go down. Many agents and appraisers are seeing comps that closed in spring and went pending / under contract when rates were much lower. This speaks to a market correction and prices should continue to stabilize or even fall if rates go any higher. The prices will not go up for some time IMO, the average home buyer can only afford so much per month. It HAS to stop increasing, as this unsustainable (state wide post COVID was over 27% ,median sales price increases from 2020-2022) , prices may level off and may even dip a tad in Q4 22 into Q1 23. Currently reason why rates haven’t moved prices down is simply the supply. We are due for more inventory but my thought is on that is the affordability has dropped so much that move up buyers are also sellers and can sell for a good amount but can’t buy anything w the combination of the current prices, rates and lack of inventory. They are stuck and would list but can’t due to no buying options and that is one of the down sides of a market increasing so quickly. We need more inventory !
These are all single family homes and did NOT take any data from condos, multi families or land.
I will have another blog on communities in Massachusetts who are still seeing gains in median and avg sale price even with 7+% interest rates.
Please NOTE: This is not advice and simply an opinion based on current market conditions. All real estate is unique and specific to that area , the specific property, condition and market conditions.
Data is from the NH Association of Realtors , pulled from MLS (NNEREN), some private sales may not be reflected in the data.