Lakes Region real estate market report

As we approach the second quarter of the new year, let's take a look at how the real estate market performed during the first quarter compared to the same period of 2025.

This past winter, real estate activity in the Lakes Region slowed down a bit compared to more recent years. It was a cold, snowy winter, and there were a number of geopolitical issues and concerns around the world.

If you take the 25 towns and cities comprising the Lakes Region during the period of Jan. 1 to March 13, for single-family and condominium sales, there have been 188 sales with $125,001,672 in sales volume. The median days on the market was 41; the highest sale price was $4,145,000 in Wolfeboro; and the lowest was $165,000 in Belmont. When you compare the above closed sales for the same period during 2025, there were 225 sales with a total sales volume of $136,227,791. Median days on the market was 27; the highest sales price was $5,250,000 in Meredith; and the lowest sales price was $125,000.

So basically, the numbers tell me that the total unit sales were down approximately 16.4% and, total sales volume was down approximately 8.2%, and days on the market increased 51.8% compared to the same period in 2025 year to date. The question is, what will the market look like moving into spring, summer, and fall months? Will we see an increase or continue the same trajectory?

As of March 13, I pulled up all the existing single-family homes for sale in the 25 towns and cities comprising the Lakes Region. There was a total of 211 active listings. What shocked me the most was the median listing price of $725,000, with median days on the market of 53. It just confirmed again that New Hampshire and the Lakes Region have an "affordability issue" that will take quite some time to resolve. We must see some decreases in price to make the market sustainable moving forward. When I look through these 211 listings, the majority are not attainable at these price levels, especially when you consider that the median sales price was $520,000 in Belknap County in 2025, much lower than $725,000.

For condominiums listed for sale as of March 13 in the 25 towns of the Lakes Region, there were 71 listings with a median list price of $425,000, with 38 median days on the market.

If you drive around Laconia, you will see a huge wave of new condominium development underway, many of which have high density. I tallied up a total of approximately 960 new units either under construction or in the final planning stages for development. In addition, the developers of the former Laconia State School have proposed approximately 2,000 units to be built over a period of time. It seems like were entering an overbuilding phase of condominium development in Laconia versus single-family homes, which the market is also demanding. This massive expansion reminds me of the buildup in inventory during the 1980s of condominium developments, which did not end well.

New Hampshire and the Lakes Region face the same shortage of housing that the country has been experiencing. America faces a shortage of nearly 5 million homes. That’s one of the reasons that the median age of a first-time homebuyer has climbed to 40.

This past year, New Hampshire’s median sales price was $525,000 compared to the national median sales price of 409,200. During 2025, New Hampshire properties sold at 99.9% of the listing price with an average of only 30 median days on the market. The bad news is that the affordability factor ended the year at 59, which is not good.

While buyers are hoping for prices to fall, I can see a moderation in price increases, and I can see decreases in over-priced listings. The massive jumps in pricing in recent years were unsustainable. I feel more inventory will appear in the spring, and days on the market will gradually increase. I do not feel we will be getting any relief in interest rate cuts for the market, which will affect sales.

In New Hampshire, we have close to a two-month supply of inventory compared to a 4.3-month supply of homes nationally. We are still well short of inventory to meet demand; however, it is slowly starting to even out. In New Hampshire, we do not have the large national home builders pumping out a new supply of inventory. Zillow projects home values to rise approximately 1.2%, and Redfin expects 1% nationally.

Homeowners who are holding onto low mortgage rates (2.5%–4%) will be debating whether to start home renovations or additions, or consider "trading up" or even downsizing for semi- retirement. The market could open up slightly in this category.

Also, condominium fees, special assessments, association dues, insurance increases, real estate tax increases, and maintenance costs can make properties feel financially challenging, which could become a factor for owners to consider selling.

We will see a continued influx of second-home and semi-retired-home buyers entering the Lakes Region from Massachusetts, New York, New Jersey, Connecticut, Rhode Island, Southern New Hampshire, Florida, and even states out West.

There are also a good number of investors looking for rental properties and Airbnbs.

For land transactions, the most eye-opening statistic is the sheer drop in volume. In 2024, our region saw 141 land transactions. In 2025, that number plummeted to 91 — a decrease of roughly 35%. In 2024, the largest tract of land sold was a massive 151 acres. In 2025, the largest sale was just 68 acres. The big legacy parcels of land are vanishing. We are running out of easy inventory, and what remains is being held tightly by long-term owners. Higher interest rates and elevated construction costs have affected land sales.

For 2025, the median sales price for land was close to $175,000 compared to $150,000 during 2024. That’s a 16.6% increase in the median price in just one year. That tells me the era of abundant, affordable acreage in the Lakes Region has passed; the entry point, unfortunately, has increased.

New Hampshire, as a state, recorded a net domestic in-migration of 6,824 people who have moved into our state during 2025. If you look where a lot of it's coming from, Massachusetts experienced a net domestic out-migration of 33,340 people during 2025, per the Census Bureau.

When you look at other states like New York and New Jersey, New York was the No. 2 net out-migration state in the nation, and New Jersey was the No. 4 out-migration state. You can expect a number of these individuals are considering moves into our state, as well as Maine. The individuals, families, and semi-retirees who have been relocating to the Lakes Region are obviously attracted to our natural resources and our laid-back atmosphere. The beautiful scenery, multitude of lakes and rivers, and the mountains in our backyard are a huge attraction. So many people are into adventure, personal fitness, and with the abundance of hiking trails throughout the region, there's plenty to offer. The diverse water sport activities, winter skiing, cross-country skiing, snowmobiling, and snowshoeing are a big draw. Look at the number of boats that have been registered in our lakes in recent years. During the winter months, as you drive around, there's a plethora of shrink-wrapped boats stored away, anxious for the summer season to unfold.

It will be interesting to watch how this year unfolds with so much going on in the world. On a very good note, New Hampshire and the Lakes Region will continue to be a strong magnet attracting many families and individuals who love our popular state and Lakes Region.

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This article was written by Frank Roche. Frank is the president of Roche Realty Group located in Meredith, and can be reached at 603-279-7046. Data was compiled from PrimeMLS and is subject to change. Visit rocherealty.com to learn more about the Lakes Region and its real estate market.