The median sales price for a single-family home in New Hampshire hit a new high of $402,000 last month, a 25% increase year-over-year!
Data is showing that there are many new buyers migrating from across the country to relocate to tax-free NH. As more and more out-of-staters continue to work from home these people are looking to move out of cities and into more rural areas. With all of these new buyers and still very limited supply real estate sale prices continue to increase.
Unfortunately, this is resulting in a lot of new and ready homebuyers in the area, getting outbid by non-locals. These people are selling their homes very high in other states and bringing their cash to NH, where you get more square footage and acreage at a lesser price than these other states. It is a very tough market for buyers right now as if you aren’t cash, you’re liking going up against cash offers. We are seeing a lot of parties take on a massive risk and waving their financing commitment contingency. Not to mention most are waving all other contingencies as well. On the flip side, it’s great for sellers. Sellers are still seeing over-asking, no contingency offers. It really is a great time for sellers!
