The Southern New Hampshire housing market displayed some good growth this year, and while not quite as robust as the Massachusetts housing market, it had a strong year.
For this report, we are examining the three counties that make up Southern New Hampshire: Hillsborough, Rockingham, and Cheshire; and we are focusing on three property types: single family homes, condominiums, and multi-family homes.
Sales for the whole year were up just above 13%, with 13,349 homes sold compared to 2015’s 11,767. Average sale price came in at a much closer margin. In 2015, the average home sale price was $269,188, and in 2016 it was $269,492 – an increase of 0.1%.
2015 – 2016 Home Sales By Month
There were only 3 months in 2016 that were not bigger for sales then their 2015 counterparts. The beginning of the year was especially strong, with the first 5 months tracking over 20% growth over 2015 each. February, April, and May stand out – they had their homes sold numbers increase 59%, 62% and 64%, respectively, which meant several hundred more homes sold each month.
Home Prices by Month
Average home sale prices remained steady throughout 2016, and kept close to their 2015 numbers with only a couple of exceptions. As mentioned earlier, average home sale price for the whole year was up over 2015 by only 0.1%, though this doesn’t mean there was no price growth – we go into detail of the county-by-county change in a section later in the blog.
Sold Homes 2014 – 2016 by county
In last year’s Southern New Hampshire report we noted the upward trend of home sales in the three counties we examine – Hillsborough, Rockingham, and Cheshire – that has been continued since 2011. This year saw the continuation of this trend, with home sales in Hillsborough up 15% over 2015, Rockingham up 11%, and Cheshire up 17%.
Average Selling Price of Homes 2014-2016 by county
Once again average selling price, for the most part, mirrors the increase we see in number of sales (except in Cheshire county). Hillsborough county saw an increase in price of 3% from 2015 to 2016, Rockingham saw a 1% increase, and Cheshire saw a decrease of 12%. Hillsborough and Rockingham are continuing the consistent upward trend we’ve seen in average price since 2011.
Given the fact that sales were up 13% in 2016 it is surprising that prices didn’t go up as well considering the fact that prices tend to follow home sales. With this said we expect prices to rise in 2017.
*Data provided by Warren Group & MLS PIN and compared to prior year.