As a real estate expert in southeastern New Hampshire, I have witnessed firsthand the significant influence of the job market on the housing market in this region. With a thriving economy and a growing job market, southeastern New Hampshire has become a highly sought-after location for both businesses and individuals looking to settle down. In this article, I will delve into the relationship between the job market and real estate market in southeastern New Hampshire and how it affects both buyers and sellers.
The Job Market in Southeastern New Hampshire
Southeastern New Hampshire is home to several major cities, including Manchester, Nashua, and Portsmouth. These cities have experienced substantial growth in recent years, with new businesses moving in and creating job opportunities for residents.The unemployment rate in this region consistently remains lower than the national average, making it an attractive place for job seekers. One of the primary industries driving the job market in southeastern New Hampshire is healthcare. With several major hospitals and medical centers located in the region, there is a high demand for healthcare professionals. Additionally, the technology sector has also seen significant growth, with companies like Oracle and Dell establishing a presence in the area. Another factor contributing to the robust job market in southeastern New Hampshire is its proximity to Boston. Many residents choose to live in this region and commute to Boston for work, taking advantage of lower housing costs while still having access to job opportunities in a major city.
The Impact on Real Estate Market
The strong job market in southeastern New Hampshire has had a significant impact on the real estate market in this region.With more people moving to the area for work, there is a higher demand for housing. This has led to an increase in home prices and a decrease in inventory, making it a seller's market. According to the New Hampshire Association of Realtors, the median home price in southeastern New Hampshire has risen by 8.5% compared to last year. This is significantly higher than the national average, which saw an increase of only 4.3%. Additionally, homes are selling at a faster rate, with an average of only 30 days on the market. The strong job market has also resulted in an increase in new construction in southeastern New Hampshire.
With more people looking to buy homes, developers are building new housing developments to meet the demand. This has also contributed to the rise in home prices, as new construction tends to be more expensive than existing homes.
The Impact on Buyers
For buyers, the strong job market in southeastern New Hampshire means that they may face more competition when looking for a home. With a limited inventory and high demand, buyers may find themselves in bidding wars and having to make quick decisions. This can be challenging for first-time homebuyers or those on a tight budget. However, the robust job market also means that buyers may have more job opportunities available to them.This can make it easier for them to secure employment and afford a home in this region. Additionally, with low unemployment rates, buyers can feel confident about their job security and ability to make mortgage payments.
The Impact on Sellers
Sellers in southeastern New Hampshire are also benefiting from the strong job market. With high demand for homes, sellers can expect to receive multiple offers and potentially sell their homes for above asking price. This is especially true for homes located in desirable areas or those that are move-in ready. However, sellers should also be aware that the strong job market may lead to higher property taxes.As the economy grows and more businesses move into the area, property values may increase, resulting in higher taxes for homeowners.
In Conclusion
The job market in southeastern New Hampshire has a significant impact on the real estate market in this region. With a strong economy and low unemployment rates, more people are moving to this area for work, creating a high demand for housing. This has led to an increase in home prices and new construction, making it a seller's market. However, buyers can also benefit from the job market by having more job opportunities available to them.As an expert in the real estate market in southeastern New Hampshire, I believe that the strong job market will continue to drive the housing market in this region for years to come.
