According to Realtor.com our “Capital City” (Concord, New Hampshire) has showed up regularly in the top 20 hottest markets since early 2021, and ranked in the top 5 for the last 3 months. Most recently landing the top spot in June of 2022. I’m Susan Roemer, 20-year veteran with Better Homes & Gardens The Masiello Group sharing with you what our local real estate profession is currently experiencing.
Properties in our Capital City were selling in less than 13 days in June; that’s 4 days faster than last year, and 19 days faster than was typical in the rest of the country. To further show its popularity, properties in and around Concord were recording 3.2 times as many unique viewers per property as the typical home around the United States.
The median listing price of homes in the Concord area was $457,000 in June, up 20.5% year over year, faster than the 16.9% advance in the national median listing price in the same period. Home prices grew year-over-year in Concord due to both general price increase and a shift in home size of the homes being sold. Our local MLS (NEREN) showed an increase in the number of larger homes listed in Concord in June 2022, with 60.0% of homes listed over 1750 sq. ft., compared to just 55.2% the previous June. As might be expected, all size tiers experienced price growth. By way of comparison, the typical home listing in Concord is priced just 1.6% above the national median price of $450,000.
You might want to ask, what’s different about this market compared to others? For starters, during the 2006 market transition, our economy was in a different state. In 2006 we weren’t under built to the current extent as its estimated that building is behind 10 years and short about 40% of the demand. Lack of speculative development due to limited supplies and high prices are also part of the current equation. It may take years before we can catch up to that inventory shortage.
Another reason for hope is 2022 credit scores are above average and improved over 2006. Our current lending practices are solid, providing stability for buyers to qualify in programs that are more likely to keep them in their homes for the loan term. Limited adjustable loan programs being offered. And the consumer’s use of credit in 2022 shows homeowners using their home’s equity in smarter ways that financially benefit themselves in the long run.
But there’s talk of a soft pause in the market. Understandably so with so many changes in our economy people are preceding with caution regarding all purchases, particular something as large as a home purchase. Our local market is trying to digest a 40% appreciation over the past 2.5 years along with the new, higher interest rates. It can be hard to image and harder still for many buyer to even continue to participate and all the more reason to make sure you’re working with an experienced Real Estate professional.
“I try not to become a person of success but rather a person of value.” My personal approach and attention to detail with each client speaks for itself. My proven track record of satisfied clients, friends and family has given me the opportunity to be a part of hundreds of closings with a front row seat to watching dreams come true. I’m grateful to be a part of our local real estate community.
I have over 20 years of local service, backed by nationally known Better Homes & Gardens as well as Masiello Group’s trusted name in the industry. Masiello’s local real estate services have been the New Hampshire real estate name for over 52 years.
So, when considering a move, buying, or selling, I’m happy to provide the necessary direction to achieve outstanding results.