New Hampshire

NH Home Prices Reach Record Levels as People Flock There From Other States

The median sales price for a home in New Hampshire hit a record high of $402,000 last month, a 25% increase from this time last year

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A new record-high median home price in New Hampshire suggests people are emerging from the pandemic ready to re-locate to the tax-free Granite State.

It's a simple supply-and-demand issue — more and more out-of-staters who can work from home want to come to New Hampshire, but there just aren't enough houses for sale.

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"There's a lot of disappointment," said James Fasano, who has been looking for his first home since February.

The median sales price for a home in New Hampshire skyrocketed to a record high of $402,000 last month, a 25% spike from this time last year.

"It's crazy, it's never been like this before," said longtime realtor Tessa Riggatieri.

She says it's likely the result of people working from home during the pandemic.

"Many people who are moving to New Hampshire are moving from Massachusetts or New York and selling their homes very high and coming with their cash to New Hampshire, where you do get more square footage and more acreage," Riggatieri explained.

With 60% fewer homes on the market now than a year ago, buyers are waiving appraisals and inspections, and offering way over asking, just to be competitive.

"I think we put in about 20 offers and saw almost 50 houses," Fasano said.

On the flip side, it's not uncommon for sellers to get upwards of $100,000 more than they expected.

"It was like winning the lottery," Tracy Mushow said.

She just sold her Plaistow home for $80,000 more than the asking price.

"It was a good feeling," she said. "If you can take advantage of it, take advantage of it."

With the pandemic winding down and little hesitation about what's next, more and more houses are coming on the market. That's why experts in the area expect things to normalize sometime this year.

After a four-month search, Fasano just recently had an offer accepted, and he closes on his new house next month.

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