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2019 Housing Market Report: Historic year in NH Housing Market

The year 2019 was a historic one in terms of New Hampshire home sales, as single-family residential prices and sales volume hit all-time highs while inventory and supply hit 15-year lows.

 

The median price for single-family residential properties in the state was $300,000, a 6 percent jump from the previous highwater mark of $283,000, which came just a year earlier, in 2018. It was the seventh consecutive year of median price increases in New Hampshire.

Inventory, meanwhile, continued to dwindle in 2019. Months supply, meaning the number of months it would take to sell off current inventory at the average rate of sales for the last 12 months, dropped to 2.2 months in December, while last year’s average was 3.2 months. Those are the lowest numbers in that category since NHAR started tracking it in 2005.

The same held true for the actual inventory number. Every month in 2019 saw a single-family residential inventory decline from the same month in 2018, and the 12-month average of 4,684 was the lowest in at least 15 years. The 3,289 homes on the market at the end of December was the lowest of any month since at least 2005, and by comparison, is less than a third of the 11,000 homes that were on the market at the end of December 2009.

The low inventory numbers didn’t do much to temper 2019 sales, however. The 17,615 single family unit sales was only 1 percent less than the New Hampshire sales record of 17,783 in 2017 and marked just the fifth time in history that more than 17,000 single-family residential units were sold.

The high number of sales combined with the record-high prices added up to the largest sales volume in New Hampshire history as well, with the total dollar volume of single-family residential sales eclipsing the $6 billion mark for the first time, at $6.064 billion

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