Here is your Portsmouth, New Hampshire, real estate update for October 2022. Days on the market up, pending sales up, new listings up, but what does it all mean? We’ll take an in-depth look and break it down so you can know the whole story.
Closed sales. Portsmouth, NH, is a town of approximately 22,000 people and an area of just under 17 square miles, making it a fairly small city with a small but pricey real estate market. Because of that, the number of closed sales dropping 23.5% in October versus the same time in 2021 doesn’t mean much.
The average days on the market tell us how lively the market is and how fast homes sell. The Portsmouth average for single-family homes and condos of 33 days tells us the market is still pretty vibrant despite rising interest rates. Why is that? The supply of homes for sale is still low, and demand is still pretty strong.
The absorption rate, or the number of months’ supply of homes for sale, is a great market indicator to determine whether we’re in a seller’s or buyer’s market. Above 6 months is considered a buyer’s market, and below 6 months tends to favor sellers. The October number of 2.5 months says we’re still firmly in a seller’s market with low supply and high demand.
In October, the median sales price for a single-family home in Portsmouth was $699,900, a 12% increase over October 2021. Again an indicator of continued strong demand for Portsmouth homes.
Portsmouth, NH, condo prices continue to rise, with the median price breaking through the million-dollar barrier this past October to $1,019,500!
Pending sales are a great indicator of the short-term future. Pending sales are homes currently under contract and closing in the next 30 to 60 days. By knowing this number, we can project the likelihood of the sales volume for the next few months. Portsmouth single-family homes and condo pending sales are up slightly from September, which is a good sign, especially with interest rates rising.
That’s the story for the Portsmouth, NH, real estate market for October 2022. If you have questions or would like to know the numbers for your New Hampshire town, we’re happy to provide them.
Ann Cummings and Jim Lee, REALTORS, your local real estate experts.
