Suppose you’ve been driving the backroads of the Upper Valley this fall, from Hanover’s stately Colonials to the lake homes of Enfield and the quiet neighborhoods of Canaan. In that case, you can feel it: the market is shifting gears. We’re not in the runaway climb of 2021-22 anymore, but we’re also not seeing a hard slowdown. Instead, a more balanced rhythm is emerging: listings are lasting a bit longer, buyers are a bit more measured, and prices, while still strong, are showing a mix of gains and pullbacks depending on the town.
Lebanon
Lebanon continues to anchor the Upper Valley market, driven by steady demand from proximity to Dartmouth College and DHMC.
- Median Sales Price: $620,000 (+52.1% year-over-year)Lebanon
- Closed Sales: 8 (-20%) for September; 89 YTD (-1.1%)Lebanon
- Days on Market: 25 (-13.8%)Lebanon
- List-to-Sale Price Ratio: 99% (+4.9%)Lebanon
Despite a drop in monthly sales, values remain elevated, suggesting demand is outpacing limited supply. Inventory is down 27%, keeping Lebanon firmly in seller-friendly territory.
Enfield
Enfield has seen a mix of momentum and moderation.
- Median Sales Price: $599,900 (-20.8% month-over-month) but up 11.2% YTD to $550,250Enfield
- Closed Sales: 5 (-16.7%) for September; 34 YTD (+9.7%)Enfield
- Days on Market: 31 (-56.9%)Enfield
Prices dipped this month due to a smaller sample size, yet the yearly trend is clearly upward — Enfield remains a great value play near Mascoma Lake and I-89.
Canaan
- Median Sales Price: $385,545 (+3.8% YoY)Monthly Indicators
- Market Trend: Canaan continues to attract first-time buyers and investors seeking affordability compared to its neighboring towns. Inventory remains tight but has improved slightly, mirroring the broader Grafton County trend (+6.5% median YoY statewide within the county).MonthlyIndicators
Hanover
Hanover remains the Upper Valley’s luxury leader, driven by the stability of academic and hospital employment.
- Median Sales Price: $1,225,000 (+23.9% month-over-month; $1,125,000 YTD +13.4%)Hanover
- Closed Sales: 5 (-28.6%) for September; 53 YTD (+1.9%)Hanover
- Days on Market: 19 (-51%)Hanover
Homes here continue to move quickly when priced well — a sign that high-end demand remains resilient despite fewer listings (-37.5% YoY in new inventory).Hanover
Grantham
Grantham’s Eastman community continues to shine as one of the most active sub-markets.
- Median Sales Price: $775,000 (+40.9% month-over-month; $579,965 YTD +5.9%)Grantham
- Closed Sales: 5 (-54.5%) for September; 44 YTD (-8.3%)Grantham
- Days on Market: 14 (-68.9%)Grantham
- New Listings: Up 57% YoYGrantham
A smaller number of closings masks underlying strength — listings are up, homes are selling faster, and buyers are paying closer to asking (98.9% of list price received).Grantham
Statewide Snapshot
According to the New Hampshire REALTORS® Monthly Indicators for September 2025:
- Closed Sales: +11.7% statewide (1,303 transactions) Monthly Indicators
- Median Sales Price: $535,000 (+2.9%) Monthly Indicators
- Days on Market: 27 (+22.7%) Monthly Indicators
- Months Supply: 2.5 (+13.6%)MonthlyIndicators
Inventory has climbed 22%, the most significant increase since 2019, signaling a more balanced statewide market. That’s healthy for long-term stability — giving buyers more breathing room without eroding seller confidence.
My Take
What stands out most this quarter is normalization. After years of extremes, first the frantic bidding wars, then high-rate paralysis, the Upper Valley is settling into a more sustainable groove. Sellers are still in a strong position, but buyers are gaining options and leverage in negotiation. I’m seeing more thoughtful offers, more pre-inspection work, and less pressure on both sides, all signs of a healthy, maturing market.
Whether you’re thinking about selling before the snow flies or planning a spring purchase, this fall is a great time to evaluate your position and make data-driven decisions.
Data provided by New Hampshire REALTORS® and PrimeMLS through the following reports:
Lebanon, Enfield, Grantham, and Hanover Local Market Updates – September 2025 and the Monthly Indicators Report – September 2025, all published by ShowingTime+.
