As a seasoned expert in the real estate industry, I am constantly fielding inquiries about the latest developments and construction projects in southeastern New Hampshire. This region, which encompasses cities like Portsmouth, Dover, and Rochester, has experienced remarkable growth in recent years. With its picturesque coastline, charming towns, and close proximity to major cities such as Boston and Portland, southeastern New Hampshire has become a highly coveted location for both residents and investors alike.
The Current State of Real Estate in Southeastern New Hampshire
Before delving into the new developments and construction projects, it is crucial to have a grasp on the current state of the real estate market in southeastern New Hampshire. According to the most recent data from the New Hampshire Association of Realtors, the median home price in this region is $350,000, which is slightly higher than the state's overall median home price of $330,000. However, what sets southeastern New Hampshire apart is its robust seller's market.With a low inventory of homes for sale and high demand from buyers, properties are selling at a rapid pace and often above asking price. This has created a competitive market for buyers, but also presents opportunities for sellers to fetch top dollar for their homes.
New Developments in Portsmouth
Portsmouth, renowned for its historic charm and bustling downtown area, has several new developments in the works. One of the most highly anticipated projects is the redevelopment of the McIntyre Federal Building. This 2.1-acre site will be transformed into a mixed-use development featuring residential units, office space, retail shops, and public green space. Another noteworthy development in Portsmouth is the Portwalk Place project.This mixed-use development will include luxury apartments, retail space, a hotel, and a parking garage. The first phase of this project was completed in 2013, and the second phase is currently under construction.
New Construction in Dover
Dover, a city known for its vibrant arts scene and historic mill buildings, is also experiencing growth in its real estate market. One of the most significant developments in Dover is the Riverwalk at Dover Point project. This mixed-use development will feature residential units, retail space, and a public riverfront park.The first phase of this project is expected to be completed in 2021. In addition to new developments, there are also several new construction projects in Dover. One of the most notable is the Garrison Cove development, which will feature 28 single-family homes and 24 townhomes. These homes will offer modern amenities and easy access to downtown Dover.
Upcoming Projects in Rochester
Rochester, a city known for its affordable housing and strong sense of community, has several exciting projects in the works. One of the most significant is the Granite Ridge development, which will feature 200 single-family homes and 100 townhomes.This project will also include a community center, walking trails, and a public park. Another upcoming project in Rochester is the revitalization of the downtown area. The city has received a $1.5 million grant to improve sidewalks, lighting, and landscaping in the downtown area. This project aims to attract more businesses and visitors to the area.
The Impact on Real Estate Market
With all these new developments and construction projects in southeastern New Hampshire, it's natural to wonder how they will impact the real estate market. In general, these projects are expected to have a positive effect on property values and demand for homes in the region. However, it's important to note that these developments may also bring some challenges.For instance, increased traffic and noise from construction may be a concern for some residents. Additionally, the influx of new residents may put pressure on the already limited housing inventory in the region.
