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New Hampshire Housing Prices: $500K Is the New Normal

March 2025 Market Update

New Hampshire's real estate market continues to climb, hitting another record this March. The median price for a single-family home reached $525,000, the highest ever for the month — and the 13th straight month that the median price has stayed above the half-million-dollar mark.

This also marks 62 consecutive months of year-over-year price increases. If you’re feeling like $500,000 is the new baseline in New Hampshire real estate, you’re not wrong.

What’s Driving It?

In one word: inventory.
There were just 1,245 single-family homes on the market at the end of March. Compare that to 7,300 homes back in 2016, and it’s easy to see how supply is affecting prices. At the current pace of sales, there’s only 1.2 months of inventory available — far short of the 5-7 months considered a balanced market.

What About Affordability?

The NHAR Affordability Index dropped to 59 in March, the lowest ever recorded for this time of year. That means the median household income in New Hampshire is only 58% of what’s needed to afford a median-priced home with today’s interest rates.

For context, the index was over 100 as recently as 2021, and even above 200 in 2012–2013. That’s a serious shift in just a few years.

What’s Being Done?

There is some movement toward solutions. NHAR President Susan Cole pointed to recent legislative progress aimed at:

• Allowing smaller, more affordable lot sizes

• Expanding accessory dwelling unit (ADU) options

• Reducing regulations that lead to sprawl and loss of open space

Cole emphasized that this crisis has been decades in the making, and it will take long-term, consistent action to bring affordability back within reach for New Hampshire families.

What’s Worth Remodeling Before Selling? Here’s What the 2025 Remodeling Impact Report Says

Every year, the National Association of REALTORS® releases a report on home remodeling—what projects homeowners are tackling, how happy they are with the results, and what kind of return they’re getting if they decide to sell.

The 2025 Remodeling Impact Report just dropped, and there are some great takeaways for anyone considering home improvements—especially if you're thinking about selling in the next few years.

Top Projects with the Best "Joy Score"

This year’s highest “Joy Score”—how happy homeowners feel after completing a project—goes to:

• Adding a primary bedroom suite

• Kitchen upgrades

• New roofing

Each of those scored a perfect 10 out of 10. (Not a shock—who doesn’t love a fresh kitchen or a cozy new suite?)

Which Projects Pay Off the Most?

If you're thinking about ROI (and you should be), here are the top renovations in terms of cost recovery:

• New steel front door – 100% cost recovery

• Closet renovation – 83%

• New fiberglass front door – 80%

• New vinyl windows – 74%

• Basement conversion to living space – 71%

These projects give you a big bang for your buck, especially if you're prepping your house for the market.

REALTORS® Say: Do These Before You Sell

According to the agents surveyed, the top things they recommend sellers tackle before listing are:

1. Paint the entire home

2. Paint at least one interior room

3. Replace or repair the roof

Why Are People Remodeling?

Interestingly, many folks aren’t remodeling just because they plan to sell. The top reason? To upgrade worn-out surfaces and finishes. That was followed by improving energy efficiency and simply deciding it was time for a change.

That said, 18% of homeowners remodeled because they were planning to sell within two years—so you’re not alone if that’s your motivation.

Want to Read the Full Report?

If you’re a homeowner in the North Conway area and you're wondering which updates make the most sense for your home, I’ve got the full 2025 Remodeling Impact Report. Just send me a message and I’ll send it over to you. It’s full of great info whether you’re thinking about selling soon, refinancing, or just making your space a little more “you.”

And as always, if you have questions about what buyers are looking for right now in the Mount Washington Valley real estate market, I’m happy to help.

New Listings: January 1 – April 8

Single-Family Homes:

• 2024: 165 new listings

• 2025: 229 new listings
  That’s a 39% increase in single-family inventory!

Condos:

• 2024: 66 new listings

• 2025: 59 new listings
  A slight dip here — about a 10% decrease.

Land:

• 2024: 119 new listings

• 2025: 99 new listings
  That’s about a 17% drop in new land listings.

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What Could Be Causing the Change?

The jump in single-family home listings — and the drop in land and condo listings — likely comes down to a few factors:

1. More Homeowners Are Ready to Move

Some sellers who sat on the sidelines during the peak of interest rate hikes in 2023 are finally making moves in 2025. Rates have stabilized a bit, and many are adjusting their expectations — especially if they’ve outgrown their current home or are heading into retirement.

2. Landowners Are Holding Off

The decrease in land listings could be a mix of higher construction costs and limited buyer demand for raw land. Building a home is still expensive, and some sellers might be waiting for better conditions before listing their lots.

3. Fewer Condos Available to List

The condo market in our area tends to be a bit tighter, and some owners may be hanging onto their properties as short-term rentals or second homes — especially if they bought at lower rates.

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What Does This Mean for Buyers and Sellers?

If you're a buyer looking for a single-family home, you have more options now than you did this time last year. That can mean less competition and potentially more negotiating power.

If you're a seller, especially of a single-family home, you’re entering a more competitive market — so pricing and presentation matter more than ever. For condo and land sellers, the lower inventory could work in your favor if buyer demand stays steady.

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If you're curious about what your property is worth or want help navigating the market, feel free to reach out. I’m always happy to run numbers or just chat about what’s going on in Carroll County real estate.

– Dave
North Conway Realty

Conway NH Real Estate Market Update – The Bigger Picture (April 2023–April 2025)

If you only looked at Q1 numbers, you might think the Conway market is slowing down — but zooming out tells a much different story.

Yes, the first quarter of 2025 saw a few shifts:

• There were 28 single-family home sales, up from 21 in Q1 2024

• The median sold price dipped slightly from $470,000 to $445,700

• Days on market doubled (24 to 48)

• Cash sales were up a bit (9 this year vs. 7 last year)

But these short-term stats don’t tell the whole story.

Let’s take a step back and look at a full-year comparison:

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April 1, 2023 – April 1, 2024

• 143 single-family home sales

• Median sold price: $450,000

• Median days on market: 14

• 52 cash sales

April 1, 2024 – April 1, 2025

• 121 sales (a slight dip, likely due to low inventory)

• Median sold price: Still $450,000

• Median days on market: Dropped to 8 days

• 46 cash sales

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What Does It All Mean?

Despite higher interest rates, inflation concerns, and the usual market noise, home values in Conway have held steady. Not only that — homes are actually selling faster now than they were a year ago. That tells us demand is still strong, and well-priced homes are moving quickly.

Cash buyers remain active, making up roughly a third to nearly half of all purchases, and the fact that the median sale price hasn’t dropped is a strong indicator of stability.

Yes, Q1 2025 showed some hesitation — especially with homes taking longer to sell — but the bigger picture points to a healthy, resilient market.

If you're thinking of selling, now is still a great time to do it — especially if you price it right and have a smart marketing plan. And if you’re buying, you might have a little more breathing room than last year — but homes are still going fast.

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Want to talk more about where the Conway market is headed, or what your home might be worth today? I’m happy to help.

Reach out anytime — I’d love to chat real estate with you.