As a real estate expert in the southeastern region of New Hampshire, I have been closely monitoring the market trends and patterns in this area. Over the years, I have noticed some notable changes and developments that have shaped the real estate landscape in this part of the state.
The Rise of Housing Demand
One of the most significant trends that I have observed in southeastern New Hampshire is the increase in housing demand. With its close proximity to major cities like Boston and Manchester, this region has become a popular choice for homebuyers looking for a suburban lifestyle with easy access to urban amenities. The demand for housing has been driven by various factors, including the growing job market, low unemployment rates, and attractive tax rates. This has led to a surge in home prices, making it a seller's market in many areas of southeastern New Hampshire.Shift towards New Construction
Another trend that has emerged in recent years is the shift towards new construction.With the rise in demand for housing, developers have been quick to capitalize on the opportunity by building new homes and communities in this region. This trend is particularly evident in areas like Portsmouth, where there has been a significant increase in new construction projects. These developments offer modern amenities and designs, catering to the preferences of today's homebuyers.
Impact of COVID-19
The COVID-19 pandemic has had a significant impact on the real estate market in southeastern New Hampshire. While there was a brief slowdown in activity during the initial stages of the pandemic, the market quickly rebounded and has been thriving ever since. One notable trend that has emerged as a result of the pandemic is the increase in demand for larger homes with more outdoor space. With more people working from home and spending more time indoors, there has been a shift towards properties with more square footage and outdoor amenities like yards and decks.Rising Home Prices
As mentioned earlier, the increase in demand for housing has led to a rise in home prices in southeastern New Hampshire.According to data from the New Hampshire Association of Realtors, the median home price in this region has increased by over 10% in the past year. This trend is expected to continue as the demand for housing remains high, and inventory levels remain low. However, it is worth noting that despite the rise in prices, southeastern New Hampshire still offers more affordable options compared to neighboring states like Massachusetts.
Low Inventory Levels
One of the biggest challenges facing the real estate market in southeastern New Hampshire is the low inventory levels. With high demand and new construction projects taking time to complete, there is a shortage of homes available for sale. This has created a highly competitive market, with multiple offers and bidding wars becoming common. As a result, buyers need to act quickly and be prepared to make strong offers to secure their desired property.The Appeal of Small Towns
While cities like Portsmouth and Dover have seen significant growth in recent years, there is also a growing trend towards smaller towns in southeastern New Hampshire.Towns like Exeter, Stratham, and Durham offer a charming small-town feel while still being within commuting distance to larger cities. These towns also offer more affordable housing options compared to their urban counterparts, making them attractive to first-time homebuyers and families looking for a quieter lifestyle.
