new hampshire real estate - craigslist (2024)

FAQs

Why is NH housing so expensive? ›

Rising mortgage interest rates have likely deterred individuals and families from selling their homes, and in turn, have led to declines in housing inventory and increases in prices. The construction of new homes also affects the amount of available inventory.

The absence of state income tax and sales tax creates a favorable environment for property owners. Additionally, property tax rates in New Hampshire are relatively low compared to many other states, allowing investors to keep more of their rental income.

The current median days-on-market (DOM) in New Hampshire is 28 days. This means homes in New Hampshire spend less than a month on the market before becoming pending sales, indicating a competitive seller's market with low inventory, high demand, and properties moving swiftly.

The latest NHAR trends report for April shows that the new $525,000 median price for a single-family home is 13.7% higher than it was in April 2023. While not a record, residential condominium pricing for April was $400,000, an 11% bump from last April.

Are Home Prices Dropping in New Hampshire? As of the latest data available, there is no indication of home prices dropping in the New Hampshire housing market. On the contrary, home values have been steadily increasing, reflecting strong demand and limited inventory.

Property taxes represent a significant operational expense for real estate owners in New Hampshire. The state has one of the highest property tax rates in the United States because it doesn't have personal income or sales tax.

New Hampshire is an attractive destination for retirees who can save big on their retirement funds by lowering their tax burden. New Hampshire does not impose state income tax, meaning you do not pay tax on your retirement income. This includes income from your 401(k), IRA, pension, and Social Security.

Selling a house in New Hampshire

Home values have increased by 12% since last year, and the number of days it takes to sell a home has increased from 21 days in May 2023 to 28 days in May 2024. The best time to sell your home in New Hampshire is in June, when homes sell fastest and for the most money.

Is there a housing shortage in NH? ›

“It's no secret New Hampshire is experiencing a housing shortage—we need 90,000 new units by 2040 to meet expected demand,” said Congresswoman Kuster.

The months from March to June are the best time to buy a house in New Hampshire. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

It costs $299,900 on average to build a home in New Hampshire. This figure can add up to $480,400 if you include land costs, excavations, permits, and other expenses.

The average cost of living in New Hampshire

According to 2021 data from the Bureau of Economic Analysis, the average total personal consumption cost in New Hampshire comes to $56,727 per year.

Overview of New Hampshire Taxes

New Hampshire is known as a low-tax state. But while the state has no personal income tax and no sales tax, it has the fourth-highest property tax rates of any U.S. state, with an average effective rate of 1.77%. Consequently, the median annual property tax payment here is $6,097.

The state hasn't experienced a spike in building permits as seen elsewhere, has the fifth-lowest unemployment rate and the second oldest population — a collection of forces that has helped produce record home prices and rent spikes for many.

Average Cost of Living in New Hampshire: $56,727 per year

According to MERIC data gathered in 2022, New Hampshire has the 43rd lowest cost of living in the country. If New Hampshire exceeds your budget, don't bank on finding an affordable nearby state to move to.

New Hampshire offers a lower cost of living, beautiful landscapes, and a favorable tax environment. On the other hand, Massachusetts provides more job opportunities, higher salaries, and a vibrant city life.

“New Hampshire faces a critical housing shortage, needing more than 60,000 additional units by 2030, and the lack of necessary housing is the primary cause of increasing costs.