March 2025 Upper Valley Real Estate Market Report
As spring awakens New Hampshire, the Upper Valley real estate market is experiencing a seasonal surge, revealing a complex landscape of rapid growth, affordability shifts, and signs of stabilization. March 2025 painted a vivid picture of where things are heading this year. We can feel the tale of two markets. Inventory that is well priced for the value and condition is moving quickly, oftentimes in multiple offer situations. In cases where buyers feel like a home is overpriced for the value or may need some updating, it is sitting longer, and there is some negotiation room for buyers. We are seeing some discounts in those situations. In most homes, whether you are in a multiple-offer situation or a negotiating situation with a single offer, buyers’ offers are coming in and around the list price in many cases. This competitive nature of the market should keep you alert and prepared to act quickly for the right home. Sellers, price your home reasonably and let the market conditions find your value and a short time on the market. Here are the numbers…
Statewide, New Hampshire saw a healthy increase in buyer activity. According to the New Hampshire REALTORS® March 2025 report:
- Median single-family home price: $525,000 (+5% YoY)
- Median condo price: $425,000 (+3.1% YoY)
- New listings: +20.6%
- Pending sales: +14.7%
- Inventory: Up statewide, offering more selection
- Days on the market: Slightly higher, indicating buyers are becoming more selective
Although closed sales dipped slightly, the upward pricing and expanded options suggest a market moving confidently forward.
County Trends Snapshot
- Grafton County: Median home price reached $410,000, up 2.5% from February. Inventory increased 5.4%, with 333 homes for sale.
- Sullivan County: Median price rose to $377,500 (+4.9% MoM), but inventory dipped 8.5% to 108 homes.
- Merrimack County: Leading price gains with an 8.2% increase to $460,000. Inventory expanded by 6%, totaling 284 homes.
Source: Rocket Homes and REALTOR.com
Town-by-Town Deep Dive: Upper Valley Market Overview
Hanover: Luxury Market on Fire
Hanover saw explosive growth in March 2025. The median home price jumped to $1,287,500, a 150% increase from last March. Year-to-date, the median sits at $1,012,500, up 73.1%.
- Closed sales: 4 (up from 1 last year)
- Days on the market: 52 days (up from just 2)
- New listings: Up 57.1%
- Inventory: Down 46.2%, creating competition
Despite strong pricing, the percentage of the original list price received dropped from 108.4% to 88.1%, suggesting buyers are resisting top-dollar listings. Still, Hanover remains the most premium market in the Upper Valley.
Lebanon: Balanced and Active
Lebanon provides a more accessible entry point. While prices dipped to $400,000 in March (-23.8% YoY), homes are selling faster than ever—on average, they spend just 8 days on the market.
- Median YTD price: $391,000
- Closed sales: 5 (down from 7 last March)
- Pending sales: Up 8.3% in March, 10.7% YTD
- Inventory: Remains tight with just four homes for sale
The market is highly competitive in the $350K–$450K range, particularly for move-in-ready homes close to Dartmouth-Hitchcock and downtown amenities.
Grantham: Pause Before the Push?
Grantham had no closed sales in March However, there was a significant uptick in pending sales
- Pending sales: Up 150%
- Median YTD price: $517,500 (down nearly 20% YoY)
- Days on market YTD: Surged to 126 days
The disconnect between rising list prices and hesitant buyers could lead to opportunity as seller expectations adjust. Look for renewed activity this spring.
Canaan: Underrated but Surging
Canaan showed one of the most balanced, promising performances:
- Median March & YTD price: $500,000 (+54.3% MoM, +81.8% YTD)
- Days on market: Dropped to 46 days (down 27%)
- Inventory: Increased 66.7%, improving options for buyers
Sales volume rose 57.1% year-to-date, and sellers are receiving closer to asking price. A growing favorite for value-conscious buyers.
Enfield: High Prices, Low Activity
- Median price: $632,450 (+18% YoY)
- Closed sales: 2 (down 50% YoY)
- Inventory: Up 33.3%
Though listings are few, high-quality homes are commanding strong prices. This is a market with pent-up demand and room to grow as spring progresses.
📊 Market Insights Sidebar: What It Means for Buyers & Sellers
For Buyers:
- Hanover: Luxury buyers should be ready to act fast and negotiate with confidence.
- Grantham: Watch for spring listings; value may emerge with proper timing.
- Canaan: A sweet spot of price, speed, and availability.
- Enfield: Ideal for those priced out of Hanover but still wanting Upper Valley charm.
- Lebanon: Still the best value option with rapid turnover and accessibility.
Tip: Be pre-approved and act fast in competitive towns like Lebanon and Canaan.
For Sellers:
- Hanover: Now is the time to list. High demand, low supply, and large price gains.
- Grantham: Rising buyer interest means listing now could give you a head start.
- Canaan: Strong seller conditions with improving market speed.
- Enfield: Pricing power remains—capitalize on limited inventory.
- Lebanon: List competitively; sub-$400K homes are flying off the shelf.
Tip: Don’tDon’t too long—inventory is expected to grow in late spring.
Sources:
- New Hampshire REALTORS® March 2025 Market Update
- PrimeMLS Local Market Updates (Hanover, Lebanon, Grantham, Enfield, Canaan)
- Rocket Homes & REALTOR.com County Reports (Grafton, Sullivan, Merrimack)
Thinking of buying or selling in the Upper Valley? Now is the time to evaluate your position and make a move that aligns with your goals. Whether you’ryou’rezing in Hanover or entering the market in Lebanon or Canaan, I’m hI’m to help you navigate every step of the way.
Reach out anytime for a local market consultation or property evaluation.
Let’sLet’suss your real estate goals!
📞 Call/Text: 603-443-3149
📧 Email: brendan@susancolerealty.com
