We’re over halfway through 2024 and 2025 will be here before you know it. Today’s headlines and news stories make it tough to know what’s really happening because those stories are written for the national markets. The fact of the matter is, that there is no national real estate market. The whole is made up of several hundred local markets and each moves according to local happenings as well as the national influences such as inflation, jobs, and other factors. Time to get out the Ann and Jim real estate crystal ball again and see what the local future holds for Portsmouth and the New Hampshire Seacoast.
The New Hampshire Seacoast Real Estate Market Is Normalizing.
From 2020 to 2022, home prices skyrocketed. That rapid increase was due to high demand, low interest rates, and a shortage of homes for sale. But, that kind of aggressive growth couldn’t continue forever.
As the chart above shows, there was a 10.5% increase in single-family home sales in the New Hampshire Seacoast from June 2023 to June 2024. I believe there will still be an increase in 2025 but it will likely be in the single-digit range.
What This Means for Buyers
If you’re thinking of buying a home, slowing price growth is welcome news. Skyrocketing home prices during the pandemic left many would-be homebuyers priced out of the market.
While it’s still a good thing to know the value of the home you buy will likely continue to go up once you own it, slowing price gains are making things feel more manageable. Click here to browse all the homes for sale in the New Hampshire Seacoast and surrounding towns.
And for New Hampshire Seacoast Sellers
The NH Seacoast is still very much a seller’s market. While inventory of homes is increasing, so is demand as falling interest rates bring more buyers back into the market. If you bought your home more than 5 years ago, your home’s value has likely gone up very significantly. Use our “Homebot” AI tool to get an instant estimate of your home’s current value. But remember, this is only an automated value model estimate. For a more accurate price, we’re happy to take a quick look at your home and crunch the numbers for you; no cost, no obligation. Just give us a call or email.
Experienced, Local Experts Will Serve You Best
Navigating the Portsmouth NH real estate market requires local expertise. Ann Cummings and Jim Lee are here to guide you through the latest trends and forecasts, ensuring you make informed decisions now and for the future.
