A new record median home price in New Hampshire suggests people are emerging from the pandemic willing to move to the tax-free Granite State.
It’s a simple supply and demand issue – more and more foreigners who can work from home want to come to New Hampshire, but there just aren’t enough homes for sale.
“There is a lot of disappointment,” said James Fasano, who has been looking for his first home since February.
The median selling price of a home in New Hampshire soared to a record high of $ 402,000 last month, a 25% peak from the same time last year.
“It’s crazy, it’s never been like this before,” said longtime real estate agent Tessa Riggatieri.
She says it’s likely the result of people working from home during the pandemic.
“A lot of people who move to New Hampshire leave Massachusetts or New York and sell their homes for a lot of money and come with their money to New Hampshire, where you get more square footage and more square footage,” explained Riggatieri.
With 60% fewer homes on the market now than a year ago, buyers are forgoing appraisals and inspections and are offering more than they ask for, just to be competitive.
“I think we put in about 20 bids and saw almost 50 homes,” Fasano said.
On the flip side, it’s not uncommon for sellers to get over $ 100,000 more than expected.
“It was like winning the lottery,” said Tracy Mushow.
She just sold her house in Plaistow for $ 80,000 more than the asking price.
“It was a good feeling,” she said. “If you can take advantage of it, take advantage of it.”
With the end of the pandemic and little hesitation about what to do next, more and more homes are entering the market. That’s why experts in the field expect things to normalize this year.
After a four-month search, Fasano recently accepted an offer and is closing his new home next month.