Real estate sales insights: Lakes Region market update

It's hard to believe we’ve already churned through four months of 2024. I researched the real estate activity we have closed on for January, February, March, and April and compared it to the activity we experienced in 2023 for the same period. I pulled up 25 towns and cities which comprise the Lakes Region, and here’s what I came up with:

Single-family home sales

2024: There were 322 single-family homes that sold during this four-month period. Resulting in a 12.2% increase over the previous year. The median sales price was $443,750 (a 7% increase over 2023). The average sales price was $685,987, and the median days on the market was 22. Total sales volume was $220.9 million (a 9.6% increase over 2023). The lowest single-family home sales price was a single-wide mobile home on its own land in Belmont at $75,000. The highest was an 8,084-sf. waterfront home on Lake Winnipesaukee in Moultonborough at $6.3 million.

2023: There were 287 single-family homes there sold during this period. The median sales price was $415,000. The average sales price was $702,357, and the median days on the market was 20. Total sales volume was $201.6 million. The lowest single-family home sale was a three-bedroom ranch that sold at auction in Gilmanton for $54,700; however, the property was subject to a raze and remove order and had to be demolished. The highest sale was an 8,556-sf. waterfront home on Lake Winnipesaukee in Tuftonboro with 19 acres and 366’ of shorefront that sold for $11.5 million.

Condominium sales

2024: There were 83 condominium homes that sold during this four-month period. Resulting in a 5% increase over the previous year. The median sales price was $327,000 (a slight decrease over 2023). The average sales price was $443,052, and the median days on the market was 20. Total sales volume was $36.8 million (a 13.1% increase over 2023). The lowest sales price was a two-bedroom ranch at East Bluff Village in Meredith that sold for $110,000. The highest was a four-bedroom 2,552 sf. townhouse at Jonathan’s Landing on Lake Winnipesaukee in Moultonborough, located on the waterfront that sold for $1.6 million.

2023: There were 79 single-family homes there sold during this period. The median sales price was $330,000. The average sales price was $411,428, and the median days on the market was 16. Total sales volume was $32.5 million. The lowest sales price was a 668-sf. condominium at Meredith Bridge Colony at Weirs Beach That sold for $160,000. The highest was a four-bedroom 3,263 sf. new condominium at Lakeside at Paugus Bay in Laconia that sold for $1.4 million.

Waterfront sales — Lake Winnipesaukee

2024: There were 14 waterfront homes sold compared to 16 sold in 2023. The median sales price was $2.6 million (a 32.3% decrease from 2023). The average sales price was $3.1 million, and the median days on the market was 25. Total sales volume was $43.7 million (a decrease of 30.1% over 2023). The lowest sales price was $1.4 million in Alton. The highest was $6.3 million in Moultonborough.

2023: There were 16 sales. The median sales price was $3.9 million. The average sales price was $3.9 million, and the median days on the market was 28. Total sales volume was $62.6 million. The lowest sales price was $550,000 in Alton. The highest was $11.5 million in Tuftonboro.

Waterfront sales — Lake Winnisquam

2024: There were four waterfront homes sold (a 100% increase over 2023). The median sales price was $1.16 million (a 45.3% decrease from 2023). The average sales price was $1.2 million, and the median days on the market was 44. Total sales volume was $4.8 million. The lowest sales price was $360,000 in Belmont. The highest was $2.1 million in Laconia.

2023: There were two sales. The median sales price was $2.1 million. The average sales price was $2.1 million, and the median days on the market was 36. Total sales volume was $4.2 million. The lowest sales price was $1.7 million in Belmont. The highest was $2.5 million in Belmont.

Waterfront sales — Newfound Lake

2024: There were two waterfront homes sold (a 33% decrease over 2023). The median sales price was $725,000 (a 56% decrease from 2023). The average sales price was $725,000, and the median days on the market was 60. Total sales volume was $1.4 million. The lowest sales price was $425,000 in Hebron. The highest was $1 million in Bridgewater.

2023: There were three sales. The median sales price was $1.7 million. The average sales price was $1.8 million, and the median days on the market was four. Total sales volume was $5.3 million. The lowest sales price was $1.2 million in Bristol. The highest was $2.5 million in Hebron.

So, the real estate market keeps churning along even in the face of higher interest rates. The demand is out there, with a large number of buyers competing for a limited amount of inventory. To give you an example, I pulled up the number of single-family homes for sale on May 1 in five towns/cities that are priced at $400,000 and under. Here are the grim statistics:

Gilford — zero homes

Meredith — zero homes

Moultonborough — zero homes

Laconia — one home

Belmont — four homes

These are not good numbers, and they’re one of the reasons why our affordability index is the lowest in years. New Hampshire and the Lakes Region are very desirable places to live. It’s no wonder that New Hampshire ranks ninth in the hottest real estate markets in the country for 2024. The only thing we need is more properties to come on the market.

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This article was written by Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, and can be reached at 603-279-7046. Visit rocherealty.com to learn more about the Lakes Region and its real estate market.