Sue from Gilford, New Hampshire asked us a great question recently: Is this a buyer’s or a seller’s market?
The answer is that we are definitely in a seller’s market, meaning more buyers are looking for homes than there are sellers in the market. This has been the case over the past few years, meaning that property values have gone up steadily since 2014.
Before the recession, the average home price in New Hampshire was $275,000. During the recession, the average price dropped down to $175,000. Now that we’re past the recession, home prices have climbed up to around $300,000.
Also, inventory is very, very low. We have about two months’ worth of homes available. Before the recession, there were about five months of inventory available.
Finally, before the recession, sellers were getting about 99% of their asking prices when their homes sold. During the recession, they only got about 94% of their asking prices. Today, however, home sellers are getting nearly 100% of their asking price—sometimes even more due to multiple-offer situations!
If you need to buy real estate in the New Hampshire Lakes region or the White Mountains, reach out to me. I’ll do my best to help you understand which areas are in more of a seller’s or buyer’s market. In the meantime, remember, mi casa es su casa!