New Hampshire home prices continue to rise in 2025, at slowest pace in a decade

CONCORD — New Hampshire’s housing market continued to show resilience in 2025, with the median price of a single-family home reaching a record $535,000, a 3.9% increase over 2024. While prices continued to climb, the pace of growth slowed significantly, marking the smallest annual increase in statewide median price in the past decade.

A total of 12,529 single-family homes closed in 2025, representing a 4.5% increase in sales compared to the prior year. Despite increased activity, affordability remains a major challenge for Granite State homebuyers. The year tied New Hampshire’s lowest affordability level on record.

“It was a mixed bag for buyers in 2025,” said 2026 NH Association of REALTORS President Josh Greenwald. “We are seeing more homes on the market than in recent years, but prices continue to rise. We still don’t have nearly the inventory needed to make meaningful progress toward a balanced market, where buyers and sellers are on more equal footing.”

Over the past decade, New Hampshire’s statewide median sale price increased at an average annual rate of 8.5%. By comparison, prices rose just 3.9% in 2025, signaling a notable slowdown. However, market conditions varied widely by region. Carroll, Grafton, and Merrimack counties experienced price increases exceeding 6%, while Coos and Sullivan counties saw modest price declines.

“New Hampshire home prices are still rising faster than inflation, but we’re beginning to see evidence that the rate of increase is slowing,” Greenwald said. “That said, the affordability challenge remains severe. The median-priced home in Rockingham County was $670,000 last year. Even with a 10% down payment, a family would need an income of roughly $190,000 to purchase that home. That’s an unrealistic threshold for most working families.”

The 2025 NHAR Affordability Index stood at 58, meaning the median household income in New Hampshire is only 58% of what is required to qualify for the state’s median-priced home under current interest rates. By comparison, the index was as high as 200 in 2013 and last exceeded 100 in 2021.

While total home sales increased in 2025, inventory remains critically low. The current supply stands at just two months, far below the five-to-seven months considered necessary for a balanced housing market.

Sales of more affordable housing types outpaced the single-family market. Condominium sales increased 6.6%, while manufactured housing sales surged 12.2%, as buyers sought lower-cost options.

“There are some encouraging signs emerging,” Greenwald said. “But when viewed in context, New Hampshire is still well short of the inventory needed to meet demand. This shortage continues to impact families, workers, seniors, and employers across the state.”

Greenwald also noted that while the national housing market is experiencing a more substantial inventory recovery, New Hampshire has yet to see similar gains. Recent national data shows a 4.3-month supply of homes, more than double New Hampshire’s current level.

For more information, visit nhar.com.