New Hampshire Real Estate: A Market Like No Other

The conditions for buying or selling a home in New Hampshire are always evolving — a reflection of both a healthy market and the deeply personal nature of real estate. At the same time, New Hampshire is uniquely insulated from drastic national swings in home value, which makes it stand apart. This insulation allows buyers and sellers to focus less on the noise of national headlines and more on what truly matters: the specifics of a home, the character of its community, and the stories of the people on either side of the transaction.

In fact, paying too much attention to national or international market predictions can be misleading. Real value in New Hampshire is best understood through local context over time.

Long-Term Stability

Stability is what makes New Hampshire real estate truly special.

• Since 1998, homes in the state have appreciated at an average of 13% annually — even when factoring in the nationwide downturn that began in 2006.

• This consistency is fueled by two core factors:

  • A limited supply of homes due to strict land use and environmental protections.

  • A steady inflow of new residents seeking the lifestyle and benefits the state offers.

New Hampshire has the 8th fewest new building permits in the nation — only 185 new builds were permitted last year. The states issuing fewer are either New England neighbors (Vermont, Connecticut, Rhode Island) or sparsely populated states (Alaska, North & South Dakota, Wyoming).

Environmental protections also keep supply in check:

• 35% of the state’s land is environmentally protected.

• More than 50 mountains cover a quarter of the state, alongside nearly 300 square miles of water, 1,400 lakes, and 40 rivers.

• State laws protect shores, wetlands, and steep slopes, while many counties enforce large minimum lot sizes.

On the demand side, New Hampshire’s population continues to grow through in-migration — particularly near lakes and mountains. With the state’s no personal income tax policy (and the phase-out of the interest and dividends tax by 2025), affordability and financial incentives remain strong. Pair that with an unemployment rate about 1% below the national average, and it’s clear why demand persists.

Together, these factors make New Hampshire a one-of-a-kind real estate market.

Constant Movement Within Stability

While the long-term picture shows stability, the day-to-day market is always in motion.

• Between March and July 2024, statewide inventory doubled, giving buyers twice as many options to consider.

• In 2025, the ratio of homes pending to homes closed is about 10% lower than the past two years, reflecting more complex or extended negotiations.

Every town has its own personality. Every home has its own story. And every buyer and seller brings unique circumstances to the table. That’s why the market can look very different month to month, town to town, and even transaction to transaction.

What stays consistent is change itself:

• How long a home sits on the market.

• Which counties see the most movement.

• Which upgrades matter most.

• Which price point becomes “the right one.”

All of these shift based on demographics, migration patterns, industries, remote work trends — and even the land itself.

What This Means for Buyers and Sellers

Waiting for “perfect stability” in the market is like waiting for a whole town of people to stand still. It won’t happen. Instead, the smartest approach is to:

1. Recognize the long-term stability unique to New Hampshire.

2. Accept that short-term movement is natural.

3. Focus on personal and local factors — your home, your town, your goals.

When you do, the process of buying or selling a home becomes not only simpler but also more economically sound.

Sources

Data courtesy of: New Hampshire Association of Realtors, U.S. Census Bureau, New Hampshire Government, NH Department of Environmental Sciences, and Rennie Realty Group Team.