NHAR has compiled year-over-year statewide and county residential housing sales data beginning in 1998, and has, since March 2009, provided monthly reports to our membership.
In 1998, the statewide median price for a single-family residential home was $127,500. That number rose to its peak of $270,000 in 2005, a remarkable 112 percent increase (a 16 percent per year average increase, or 11.3 percent compounded annually), after which we witnessed four consecutive years of median price declines (1.9 percent in 2006, 1.6 percent in 2007, 9.9 percent in 2008, 9.8 percent in 2009) that seem particularly dramatic due to the booming market of the seven years prior.
We then witnessed a stabilization in the housing market, with less dramatic median price decreases in 2010 and 2011 and, in 2012, a 21 percent increase in unit sales from 2011. In 2013, we began talking less about “recovery" and more about a normalized market — with the most residential unit sales since 2005 and a $220,000 median price for the year, 9 percent higher than 2012 and the highest since 2008.
And whereas 2014 is what we could call a year of stabilization, 2015 and 2016 came in strong with steady monthly increases throughout both. In 2015, we saw yearly statewide increases of 12 percent in unit sales and 5.5 percent in median sales price, while 2016 witnessed a. 8.7 percent hike in unit sales and 3.3 percent in median price. In fact, the 17,567 residential unit sales in 2016 were the most in NHAR's tracking history (1998 to present) and the highest median price ($249,50) since 2007.
Those trends have continued since, with unit sales over the last five years staying between roughly 17,500 and 18,500 while median prices have continued to climb rapidly, particularly in light of the Covid-19 pandemic and the attendant inventory crisis. Most recently, 2021 saw the year-end median price land at a record-high $395,000 — an 18 percent jump over 2020 and a staggering 96 percent increase in 10 years.
"Amidst the sea of change to which the New Hampshire Association of REALTORS has played witness in its 85 years, one thing that has remained constant is the Realtor 'R' and the value we bring to every real estate transaction in which we take part. We are part of a unique community where our familial cooperation transcends our business competition. These are not mere platitudes, but our living ideals, and they are, in fact, the foundation on which we conduct ourselves in our day-to-day affairs."
Adam Gaudet, 2022 President, New Hampshire REALTORS