As we close out another month in the New Hampshire real estate market, both buyers and sellers are keeping a close eye on emerging trends. Whether you’re thinking of selling your home in Lebanon or entering the market as a buyer, the November 2024 sales data sheds valuable light on current dynamics and future expectations. Here’s what you need to know.
Key Highlights of November’s Market
Single-Family Homes Market
- Closed Sales: Single-family home sales rose 2.3% year-over-year with 1,071 homes closed compared to 1,047 last year. This suggests demand remains steady despite market challenges like mortgage rate volatility.
- Median Sales Price: The median price for single-family homes hit $500,000, marking an 11.1% increase from last November’s $450,000. This continues a strong upward trend, showcasing the resilience of New Hampshire’s housing market.
- Inventory: More homes are available for sale than last year, with inventory up by 8.1% to 1,968 properties. While this is good news for buyers seeking more options, inventory remains tight compared to pre-pandemic years.
- Days on Market: Homes are taking slightly longer to sell, with an average of 31 days on the market, up 14.8% year-over-year. For sellers, this indicates the need for effective pricing strategies and marketing to attract buyers.
Condo Market Trends
The condo market tells a slightly different story:
- Closed Sales decreased 8.2%, with 314 units sold compared to 342 in November 2023.
- Median Sales Price dropped 4.4% to $410,000, offering potential opportunities for budget-conscious buyers.
- Inventory improved by 8.6%, providing more options for those seeking condos.
While condos show a cooling trend in sales volume and pricing, the overall demand remains supported by affordability and location preferences.
What’s Fueling These Market Changes?
- Interest Rates: Mortgage rates declined slightly in late fall, driving improved activity in single-family homes. Buyers who were previously sidelined are returning to the market.
- Housing Supply: Inventory gains are encouraging, with an 8.1% year-over-year rise in single-family listings. However, months of supply remain flat at 1.9 months, underscoring a continued seller’s market for single-family homes.
- Seasonal Shifts: November historically sees a slowdown in listings and sales. This year’s activity, however, reflects healthier demand and motivated buyers aiming to lock in deals before year-end.
Opportunities for Sellers
If you’re considering selling, now is still a great time:
- The median price gains of 11.1% highlight the equity sellers are holding.
- Homes are selling close to list price, with 99.6% of list price received.
- Competitive pricing and strong staging can help minimize days on market and attract qualified buyers.
Advice for Buyers
For buyers, opportunities are emerging:
- Improved inventory levels give buyers more choices, especially in the single-family home segment.
- Condo prices have dipped, presenting a window for buyers looking to enter the market at a lower price point.
Looking Ahead to 2025
While national housing trends point to stabilization, New Hampshire continues to show strength:
- Price appreciation remains robust, particularly for single-family homes.
- Inventory growth, albeit gradual, is helping to ease competition slightly.
- For buyers, staying informed about mortgage rate movements will be crucial in securing favorable financing.
The Bottom Line
The New Hampshire real estate market in November 2024 continues to favor sellers but offers promising opportunities for buyers, especially as inventory improves. Whether you’re buying, selling, or simply staying informed, understanding the data can help you make confident decisions.
If you’re looking to navigate this Lebanon market effectively, I’m here to help. Let’s discuss your goals and how to make the most of today’s trends.
Data provided by NH Realtors association Full November Stats found here https://nhar-public.stats.showingtime.com/docs/mmi/x/report?src=page
Brendan Callahan
Licensed Realtor – Upper Valley & Lake’s Region NH &VT
brednancallahanre.com
📞 603-443-3149 | 📧 brendan@susancolerealty.com