Labor Day market update: Real estate trends in the Lakes Region and beyond

It’s been a great summer, and the days have flown by. Can you believe it’s already Labor Day Weekend? However, on a positive note, summer officially ends on the Autumnal Equinox, on Monday, Sept. 22. That’s good news, and it usually translates into one of the best times to enjoy all we offer in New Hampshire’s Lakes Region.

Let’s take a look at some of real estate trends from this past season:

• Manchester-Nashua was named the top housing market in the country in the summer 2025 housing market ranking by the Wall Street Journal and Realtor.com. They identified housing markets that offer a strong balance of quality of life and projected home price appreciation. Top spot among 200 metropolitan areas evaluated. Springfield, Massachusetts was No. 3; New Haven, Connecticut No. 5; Worcester, Massachusetts No. 7; and Hartford, Connecticut  No. 10

• According to the NH Association of Realtors, the median price for single-family homes hit an all-time high of $566,250 in June 2025, up 4.9% over the June 2024 record of $540,000. In comparison, from June 2020 to June 2021, we saw a jump of 22.9%, so New Hampshire’s single-family housing market is showing signs of cooling after years of record-breaking growth. However, Grafton, Belknap, Carroll, and Cheshire counties are still performing quite well. 

• Low inventory and high interest rates have kept prices high. The monthly cost of owning a home continues to be elevated as rates in 2025 remain higher than pandemic-era levels; however, we might see a slight rate drop in September.

• Rural counties in our state have seen good growth rates since the pandemic, driven by remote work and retirees moving to the state. Massachusetts counties with high prices have triggered migration into our state. At Roche Realty Group, we sold a number of properties this year to individuals from California, Nevada, Texas, Oregon, Florida, the Carolinas, New Mexico, New York, Rhode Island, Ohio, Connecticut, and other states. It’s not just from southern New Hampshire and Massachusetts. 

A recent article in Realtor.com indicated that while the rest of the country is experiencing a surge of home listings, Massachusetts is seeing shrinking inventory, coupled with climbing prices, pushing affordability out of reach. That’s one major reason many families are migrating into New Hampshire. For example, in Massachusetts, in 2019, only 18% of homes for sale were priced more than 1 million. This July, it doubled to 36% of the inventory. You can see why some are moving to New Hampshire. Unfortunately, for younger buyers in Massachusetts, they are struggling to get a foothold. They are finding the odds stacked against them. It’s also getting that way in New Hampshire for Millennials and Gen Zs. Price growth has been so strong in Massachusetts that the lower tier of inventory has been bumped up to higher price levels; there are very few below $500,000. Student loans, high rents, and car payments make it harder to build the reserves needed to purchase a home. In Boston, which is just over an hour south of Manchester-Nashua, a typical home is valued around $804,000 compared to $520,000 in Manchester-Nashua. It’s obvious you get more bang for your buck. Yes, the median price is higher than the national norm; however, it appears as a bargain to buyers from nearby expensive cities like Boston and other Massachusetts communities. Starter homes are still very difficult to find and secure because of the intense competition. 

• Home prices in the 50 largest U.S. metro areas are heading in opposite directions, with 28 rising and 22 falling in the 12 months ending in June. The markets that were the hottest have plunged the most. Texas, Florida, Arizona, Georgia, Denver, and California are examples. On the other hand, New England and some northeast markets have seen prices rise with limited inventory. Think about it, the National Home Builders were building huge development projects to fuel demand during the pandemic in the states above that used to be the hottest, and now they’re saturated with a number of developments that are making price concessions. 

• Buyers of luxury properties in the $1 million-plus range currently have more options and a bit more leverage than buyers at lower price points. New Hampshire’s Seacoast and Lakes Region, the Coast of Maine, Vermont high-end, Cape Cod, and the islands are seeing more opportunities this summer, which should continue into October when we will likely see a peak in inventory with the foliage. 

So how does Lake Winnipesaukee’s sales performance look this year on the high end compared to the same period last year?

So far this year, Lake Winnipesaukee (not including islands) has seen 43 sales at a median price of $2.2 million and an average price of $2.7 million. The lowest cost was $665,000 and the highest was $5.9 million. The median days on the market was 25 with an average of 67. The total sales volume is $116 million as of Aug. 26. Roche Realty Group has 2 more Lake Winnipesaukee sales closing before the end of August in the $2 million-$3 million range.

In the same time last year, Lake Winnipesaukee (not including islands) saw 36 sales at a median price of $2.4 million and an average price of $3 million. The lowest cost was $993,000 and the highest was $7 million. The median days on the market was 19 with an average of 39. The total sales volume is $108.2 million.

Currently available, Lake Winnipesaukee (not including islands) has 40 sales at a median price of $3.4 million and an average price of $4.6 million. The lowest cost is $900,000 and the highest is $16.9 million. The median days on the market is 97 with an average of 132. The total sales volume is $185.2 million.

Key takeaways from these luxury Lake Winnipesaukee stats:

Number of sales showed a slight increase in 2025

Total sales volume showed an $8 million increase over 2024

Median sales price showed a $212,500 decrease 

Average sales price showed a $308,249 decrease

Median and average days on the market showed an increase 

Current for-sale active listings show a much higher range with a median list price of $3,447,450, compared to a median sales price of $2,200,000 in 2025 to date. The average list price of $4,635,819 is much higher than the average sales price of $2,698,353 in 2025 to date, and the average days on market is 132. 

It looks like we might be seeing a change in the air due to many market factors…only time will tell.

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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.