CONCORD, NH – The New Hampshire housing market has faced notable challenges as new listings of single-family residential properties have seen significant declines. February 2025 marked an 11.3% drop in new listings compared to the same period last year, following a steady downtrend overall since 2019. According to the monthly market report from the New Hampshire Association of Realtors, only 727 single-family homes were listed this past February, compared to 820 listings during the same month in 2024.
This decrease not only signals potential difficulties for the housing market but also reflects broader trends affecting supply and demand. Listings for condo and townhouse properties were down 6.2% as well, indicating general sluggishness across various segments of the real estate market. The data shows the first month since March 2024 where listings have decreased year-over-year, with total single-family home listings having only modest growth from previous years — 14,548 listed throughout 2024, up from 13,650 listed in 2023, but still more than 30% less than listings seen back in 2019.
One of the significant hurdles for the New Hampshire housing market includes low inventory levels. Challenges associated with supply chain disruptions due to tariffs and restrictive zoning are continuing to exacerbate the situation. Slow new construction has resulted from these conditions, which only worsens the existing shortage of available homes. Interest rates being high, coupled with economic uncertainty, has led many homeowners to hold off listing their properties.
Interestingly, closed sales and pending sales were both on the rise this February, with closed sales up 5% to 612 compared to 583 sales recorded last year. Pending sales saw modest growth as well, increasing 2% to 721, up from 707 last year. Overall, homes for sale experienced another boost with 1,409 homes listed, showing an 8.5% increase from February 2024’s figures.
Nevertheless, the inventory level remains low. New Hampshire's inventory was reported at 1.4 months of supply this February, slightly up from 1.3 months during the same time last year but still far below the six months typically needed for market stability. Industry experts view six months’ worth of inventory as the standard benchmark for balanced market activity.
The median sales price for single-family homes has unfortunately increased as well. Homes sold last month averaged $510,000, marking a rise from $475,000 just one year earlier and $502,500 from January 2025. It's noteworthy, though, the average days these homes were on the market has increased slightly. This February, properties stayed on the market for 44 days, which is up from 39 days last year. This year’s average days on the market is the highest seen since September 2020.
Despite these higher prices, buyers did receive some relief, paying an average of 99.1% of the list price, down from 99.9% compared to February 2024 but marginally above the 98.9% figure from January 2025. The affordability index for New Hampshire now stands at 59, down from 62 last year, meaning the median income for the area could cover only 59% of the monthly expenses associated with owning a median-priced home.
Turning to the condo and townhouse market, February was also less favorable as the market exhibited slowdowns. New listings totaled 304 this February, down from 320 last year, signifying another 6.2% decline. The median sales price for condos and townhouses fell to $380,000, slightly higher than last year’s $377,500, but significantly decreasing from January’s $426,000. The affordability index for this segment improved slightly, increasing to 79, up from 78 last year, marking the highest level since April 2023.
With regard to inventory, the condo and townhouse market has seen improved availability. The supply is up to 1.8 months, compared to 1.5 months last year, taking shape alongside increased overall listings, which rose 22.9% from 490 to 602 properties for sale. On the other hand, the market for closed sales reflected some struggles, down 4.3% to 220 compared to 230 sold last year, with pending sales also decreasing significantly by 16.3% to 262 from 313 last February.
For reference, nationally, the median sales price for single-family homes across the United States stands at $396,900, representing a 4.8% increase over the previous year. Meanwhile, the national inventory reflects 3.5 months of supply, up 16.8% from February 2024, with overall sales rising by 2%, though down 4.9% from January's figures.
The New Hampshire housing market, characterized by limited listings and increased prices, coupled with rising buyer frustrations, will likely continue facing challenges as local and national economic factors play out throughout the year. Observers and stakeholders alike will be monitoring forthcoming data, hoping for improvements as inventory and construction efforts hopefully catch up to the existing demand.