New Hampshire Real Estate Trends 2024-2025
Market analysis is important for any type of real estate owner, whether you’re planning to buy, sell, or invest. Those living in Manchester, New Hampshire, are no exception. We’ve gathered the latest in New Hampshire real estate market trends to help you make more informed decisions. Here’s what you need to know.
- Property values have risen up to $516,000.
- Manchester’s median home price is lower at $385,000.
- The average rent has risen to $1,960 in 2024.
- Downtown Manchester home prices have increased by 63.2%.
- The median DOM for Manchester is nine days.
- Nine hundred fifty-six homes were sold in this year’s first quarter.
- Manchester remains the #1 hottest market in the United States.
- New listings in Manchester went down by 6.6%.
Key Manchester NH Real Estate Statistics
Prices Have Gone up to Over $516,000 in 2024
In New Hampshire, the price for a single-family residential home has risen to $515,000 in 2024. For first-time home buyers, this could spell trouble. The rising costs of real estate may put a barrier in a location that’s already competitive. On the other hand, this rise in property value is good news for sellers. Thanks to the higher median prices, they can sell properties and potentially earn higher capital gains.
Manchester’s Median Sales Price Hovers at $385K
According to Realtor.com, Manchester’s median home price is currently hovering at $385,000, making it more affordable than the state average. This rate has remained flat year-over-year, but the median is expected to rise along with the rest of the state in the latter part of 2024.
Median Rent Rates Have Gone up to $1,960 in 2024
The median rent price for one-bedroom apartments in Manchester has risen by up to $1,960. This increase is caused by several factors, with the increase in home prices being the most influential. Tenants may balk at the increase, while property owners may find new opportunities to invest in rental assets in the city.
Downtown Manchester Saw the Biggest Rise in Home Value by up to 63.2%
While the rest of the city is experiencing flat rates in median home sales, downtown Manchester has seen an increase of up to 63.2% year-over-year in home prices. This increase shows the rising demand for properties within this area of the city as more professionals and families move. The quality of life has also improved in downtown Manchester, with high walkability scores, access to public services, and new-build apartments for rent.
More Manchester New Hampshire Real Estate Stats
Manchester Homes Stay in the Market for as Short as Nine Days
Manchester’s housing market is incredibly competitive, with the median days on the market lasting only nine days. In other words, the city is a seller’s market. If you are planning to put the property on the market, Redfin suggests that you can receive an average of four offers within days. This strong demand creates an advantage for property sellers, making them more powerful during negotiations.
956 Homes Were Sold in Manchester in the First Quarter of 2024
In January 2023, only around 856 homes were sold in Manchester. The number has increased by up to 11.7% year-over-year, with 956 homes being sold during the first quarter of 2024. This further supports the fact that the city is experiencing an increasing demand for properties. Buyers are becoming more confident about living in Manchester, making them more likely to purchase a property within the next few months.
New Listings in Manchester Have Gone Down by 6.6% From the Past Year.
In 2024, there were only 2,282 new listings in Manchester. This value has decreased by 6.6% year over year. In other words, there are fewer homes available for sale. Sellers get the most advantage from this development. The decrease in new listings shows high demand and no supply, which can lead to homes selling faster. Plus, the limited inventory gives sellers more leverage during negotiations.
The Manchester-Nashua Metro Area Remains the #1 Hottest Housing Market in the U.S.
Manchester has been on the list of hottest housing markets in the country for the past eight years. From 2021 up to 2024, the city has ranked number one in the U.S. for small cities. Several factors have contributed to this ranking, such as the city’s proximity to Boston and the state’s lack of income tax. Compared to the nearby metropolis, Manchester also has a better quality of life while still having access to modern amenities and public services.
Wrapping Up: Real Estate Market Trends in Manchester, NH
All the trends suggest the increasing demand for properties in Manchester, turning the city into one the hottest markets in the entire country. This is a boon for sellers, who can potentially enjoy higher sales prices. On the flip side, buyers may find a more competitive scene that compels them to be smarter about their decisions, whether they’re thinking of leasing or renting. Whatever the case, in-depth analysis and guidance from experts are more than necessary.
